Holograph Operator Contract Exploited, 1 Billion HLG Minted, Token Value Drops Over 60%

Jun 13, 2024, 08:53 PM

Holograph, a blockchain platform, has been exploited by a malicious actor, resulting in the unauthorized minting of 1 billion HLG tokens through its Operator contract. The Holograph team has patched the initial exploit and is collaborating with exchange partners to lock the malicious accounts. The exploit led to a significant drop in the value of HLG, with the token plummeting over 60%. Some of the minted HLG was swapped for USDT and sent to the address acc01ade.eth, which then exchanged 1.3 million USDT for over 300 ETH, distributing the funds across multiple addresses. A portion of these funds was later deposited into Tornado Cash and Railgun.