Key takeaways:
- Concerning the June 13 Holograph hack, multiple people have been taken into custody.
- A highly skilled assault was carried out on the Holograph protocol, a blockchain tokenization platform that is a part of the Omnichain ecosystem, in the hack.
In relation to the June 13 Holograph hack, multiple people have been taken into custody.
Holograph states that the recent report is the result of a two-month investigation conducted by the Office for the Prevention of Cybercrime (OFAC) in France, in association with the Italian Directorate of Anti-Mafia Investigations, Europol, the Brigade de Répression du Banditisme (BRI), and the Royal Cayman Islands Police Service (RCIPS).
With help from French officials, the arrests were carried out in Italy. Large-scale assets and electronics have so been confiscated and frozen. The suspects are anticipated to be extradited to France in the near future to face charges; their identities have not been made public because the investigation is still underway.
In the hack, a highly skilled assault was carried out on the Holograph protocol, a blockchain tokenization platform that is part of the Omnichain ecosystem.
Using a proxy wallet, a malicious actor used the protocol’s operator contract on June 13 to create 1 billion native Holograph (HLG) tokens worth $14.4 million. The event resulted in a sharp decline in the value of HLG tokens, which fell from $0.014 to a low of $0.0029 in nine hours, a nearly 80% decline.
After the hack, Holograph enlisted the aid of blockchain investigative company Halborn to launch an internal probe. In a thorough post-mortem study that the firm published on July 2, it was revealed that a “disgruntled former contractor” was involved.
Tokens can transfer across blockchains with ease and retain their contract address thanks to Holograph’s platform design. Asset issuers can effectively index cross-chain data with the help of this feature.
Holograph has been steadfast in its efforts to supply a reliable and safe tokenization platform for the Omnichain ecosystem, even in the face of the hack.
Further information that clarifies the entire scope of the hack and the steps being taken to avoid future occurrences is anticipated to surface as the investigation goes on.
Following the suspension of withdrawals due to a $235 million hack in July, the Indian cryptocurrency exchange WazirX restored the balances of all platform accounts on August 8.
Differences between the information shown on Liminal’s digital custody platform and the accurate transaction details on WazirX were identified by the exchange as the cause of the breach. Forty-five percent of WazirX’s reserves were lost.
Information on a maintenance window that aims to reverse particular agreements and recover account funds has been made public by WazirX. Given the significant damage the attack caused to the exchange, quick action is needed to recover the remaining cash and close the gaps.
