Holograph Drops 60% Resulting In $14.4M Loss

The post Holograph Drops 60% Resulting In $14.4M Loss appeared first on Coinpedia Fintech News

Holograph’s tokenization platform was hacked which resulted in a loss of $14.4 million. The hackers exploited Holograph’s operator contract to mint 1 billion HLG tokens. HLG’s value dropped by 60% following the hack as the token’s price fell from $0.014 to $0.0029 in just ten minutes. The hack involved nine transactions starting on June 13 at 9:47 am UTC, as per Etherscan data. The team has patched the initial exploit & is working with exchange partners to lock the malicious accounts. It has also launched an investigation & is in the process of contacting law enforcement.