Breaking News: Arrests Made in Holograph Hack Investigation
French authorities have made significant progress in the investigation into the multi-million dollar hack that targeted the omnichain tokenization platform Holograph. Two individuals suspected of involvement in the attack have been apprehended as part of the ongoing probe.
The Incident at Holograph
In mid-June, a cybercriminal exploited a vulnerability in the Holograph operator contract, resulting in the minting of 1 billion HLG tokens with a value of $14.4 million. Shortly after the attack, the hacker swiftly converted the stolen tokens to Tether (USDT) and absconded with the funds.
- Analysts discovered evidence indicating that a rogue developer had meticulously planned the attack over a month prior. The wallet address that received the illicit tokens was funded 26 days before the breach occurred.
- The Holograph team took immediate action by notifying law enforcement authorities, who launched an investigation into the incident.
Arrests and Legal Proceedings
Following extensive inquiries, law enforcement agencies and cybercrime investigators identified two individuals, both in their thirties and residing in Italy, as the primary suspects behind the attack. The suspects were arrested on August 9 and are expected to be extradited to France to face charges related to the Holograph hack.
- Due to directives from French authorities and to avoid jeopardizing ongoing investigations, Holograph refrained from disclosing the names of the detained individuals.
- The protocol confirmed that efforts to recover assets for the Holograph ecosystem are ongoing and will be updated as the investigation progresses.
Market Response and Recovery
As a result of the hack, the value of the HLG token plummeted by 80%, dropping from $0.014 to a low of $0.0029 within a span of ten hours. The market capitalization of HLG also suffered a significant decline, falling from $22 million to $4.8 million, while the stolen funds decreased from $14.4 million to $7 million.
- Despite the challenges, HLG has shown resilience in the wake of the arrests. The token’s value surged by 62%, climbing from $0.0016 to $0.0026 in response to the recent developments. As of the latest data, HLG is trading around $0.0024, reflecting a 41% increase in value over the past 24 hours.
Hot Take: Stay Informed and Vigilant in the Crypto Space
Remain vigilant and informed about potential risks and security threats in the cryptocurrency landscape. Stay abreast of the latest developments and maintain a cautious approach when dealing with digital assets to safeguard your investments.
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