Holograph Protocol has taken steps to address the recent hacking incident that resulted in the unauthorized increase of the total supply of its native token, HLG. In response to the attack, the project has enlisted the services of Halborn Security to conduct a thorough analysis of the vulnerability.
Following the completion of the analysis, the Holograph team intends to seek the reopening of HLG deposits on exchanges. Additionally, Halborn Security has been appointed as a long-term technical partner to provide regular security audits for the Holograph Protocol, ensuring ongoing security and stability.
In light of the vulnerability, Holograph has implemented an incineration plan with input from the community. The project also aims to return the total HLG supply to 10 billion after discussions with stakeholders.
The illicit attack, which occurred on June 13, 2024, involved the transfer of 1 billion HLG to various central exchanges, followed by aggressive sales. Approximately 200 million HLG has been successfully frozen, and recovery efforts are underway through law enforcement procedures. Currently, over 800 million HLGs are in circulation.
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