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Hacker printed one billion tokens: Price collapsed!
The local token of the Blockchain platform, Holograph, HLG, decreased by 79.4% after a hacker hacked the protocol operator contract and printed 1 billion tokens.
Holograph's X account confirmed the cyber attack on June 14th. The account revealed that it has since fixed the initial attack and is working with cryptocurrency exchange partners to freeze the hacker's accounts. Holograph added that it has launched its own investigation and contacted law enforcement.
How did the hacker carry out the attack?
According to Etherscan, 1 billion HLG tokens were minted by a hacker in nine transactions by exploiting a smart contract vulnerability; the first minting took place on June 13th at 12:47. Seven of them were sent in batches of 100 million tokens.
The price of HLG started to fall for only 10 minutes. Within nine hours, the token dropped by 79.4% from $0.014 to $0.0029, according to CoinGecko. According to CoinGecko, the market value of HLG during this period decreased from approximately $22 million to $4.8 million. Since then, HLG has slightly recovered to $0.008.
At current prices, 1 billion HLG tokens were worth $7.4 million, but the hacker had already begun converting the printed HLG to Tether.
Matt Casto, a cryptocurrency researcher at the venture capital firm CMT Digital, believes that a hacker was a malicious developer who funded the operator contract address of Holograph 26 days ago.
This article does not contain investment advice or recommendations. Every investment and trading operation involves risks, and readers should conduct their own research when making decisions.