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The native token of the Holograph blockchain fell by 80% after an attacker hacked the smart contract of the protocol operator and released 1 billion HLGS worth $14.4 million.
On June 14, the network team confirmed the attack and reported a bug fix. The project also turned to centralized exchanges and law enforcement agencies to freeze stolen assets.
According to Etherscan, the hacker released 1 billion HLGS in nine transactions. He launched the first batch on June 13 at about 10: 00 (Moscow time / Kiev).
After 10 minutes, the token began to fall, falling from $0.014 to $0.002. At the time of writing, the coin has recovered to $ 0.006.
At the current exchange rate, 1 billion HLG is estimated at about $6.8 million. However, the hacker started converting his created coins to USDT four hours after the attack.
Matt Casto, an analyst at CMT Digital, a venture capital firm, believes that the attacker was a "rogue developer" who, 26 days before the incident, financed the recipient address of the HLGS issued.
On June 14, the network team confirmed the attack and reported a bug fix. The project also turned to centralized exchanges and law enforcement agencies to freeze stolen assets.
According to Etherscan, the hacker released 1 billion HLGS in nine transactions. He launched the first batch on June 13 at about 10: 00 (Moscow time / Kiev).
After 10 minutes, the token began to fall, falling from $0.014 to $0.002. At the time of writing, the coin has recovered to $ 0.006.
At the current exchange rate, 1 billion HLG is estimated at about $6.8 million. However, the hacker started converting his created coins to USDT four hours after the attack.
Matt Casto, an analyst at CMT Digital, a venture capital firm, believes that the attacker was a "rogue developer" who, 26 days before the incident, financed the recipient address of the HLGS issued.
