Holograph Exploited: Hacker Mints 1 Billion $HLG, Swaps For $USDT and $ETH

Holograph has suffered a significant security breach, with a hacker minting 1 billion $HLG tokens. Following the exploit, the attacker swapped some of the $HLG for $USDT, transferring the funds to the address acc01ade.eth.

From there, 1.3 million $USDT was exchanged for over 300 $ETH, which was then distributed to four different addresses. A small portion of these funds was funneled through Tornado Cash and Railgun, known tools for obscuring transaction trails.

In response to the breach, the Holograph team has swiftly patched the initial exploit. They are collaborating with exchange partners to lock the malicious accounts and prevent further unauthorized transactions.

An investigation has been launched, and the team is in the process of contacting law enforcement to aid in the recovery of the stolen assets.

The stolen funds are currently held at the following addresses:

  • 0x12d8b67db5b67C82a74d9da3BcB4A5a827c446D8
  • 0xc527c712D7A21473D3296a93Bb5A7A48B4802c0F
  • 0xA400fAcaaa51cc4a68E971ca2d74A8Fad04F200D
  • 0x64F571535118e1bF72F235989b3556FA4BD4D477

Holograph Team Responds Quickly To The Situation 

The Holograph team is committed to addressing this incident with the utmost seriousness. By collaborating with exchanges and law enforcement, they aim to track down the perpetrators and recover the lost funds. The community is advised to remain vigilant and follow official updates as the investigation unfolds.

This incident highlights the ongoing challenges faced by
projects in securing their networks against sophisticated attacks.

The swift response by the Holograph team demonstrates their dedication to protecting user assets and maintaining the integrity of their platform.

As the investigation progresses, further measures will likely be implemented to bolster security and prevent similar exploits in the future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: serezniy/123RF// Image Effects by Colorcinch

Via: https://themerkle.com

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