TechFlow news: Holograph Protocol tweeted this morning that on June 13, 2024, the Holograph protocol suffered an unauthorized attack in which the attacker inflated the total supply of HLG. The malicious actor transferred one billion HLG to multiple exchanges and dumped them heavily. After notifying the exchanges, approximately 200 million HLG were frozen, and recovery is underway through law enforcement procedures.
Currently, there is an oversupply of about 800 million HLG in the market. A plan to restore the total supply of HLG back to 10 billion has already begun implementation.
An initial amount of 53,249,975 HLG has been burned, with another 946,750,025 HLG remaining to be burned.
Meanwhile, they have engaged Halborn Security to investigate this incident and plan to collaborate long-term with them for regular security audits.
