Holograph Details
Industry
Technology
Security Incidents
1
Holograph is a blockchain technology company that specializes in non-fungible tokens (NFTs) and interoperability solutions. The primary purpose of Holograph is to develop a scalable and efficient way for digital assets to interact across multiple blockchain ecosystems. By providing tools and frameworks for seamless NFT creation, transfer, and management, Holograph aims to enhance the user experience and broaden the adoption of NFTs in various sectors.
Founded in 2021, Holograph has quickly advanced in the crypto space by introducing innovative solutions such as cross-chain NFT bridging. This ...
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Security Incidents
Holograph Breach of Jun 2024
The perpetrators, identified as a former Holograph technical contractor and developer, were later tracked down in Italy. They had been living lavishly in luxury villas and frequenting high-end amenities across various...
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Financial assets rather than traditional customer data were targeted. The breach did not result in systems or services being taken offline, but it did significantly impact the token's market value. Subsequently, it became evident that internal securit...
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Severity Score
Moderate
Type
Corporate BreachSummary
On June 13, 2024, the blockchain tech firm Holograph suffered a cybersecurity incident in which malicious actors exploited a vulnerability in a smart contract. This flaw enabled the attackers to mint 1 billion HLG tokens, worth $14 million at the time, and withdraw the amount in nine separate transactions. The value of the tokens plummeted by over 80% shortly after the incident.The perpetrators, identified as a former Holograph technical contractor and developer, were later tracked down in Italy. They had been living lavishly in luxury villas and frequenting high-end amenities across various...
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Severity
The cybersecurity incident at Holograph on June 13, 2024, exploited a vulnerability in a smart contract, allowing attackers to mint 1 billion HLG tokens, valued at $14 million. The attack led to an 80% drop in the token's value, severely impacting the company's market position. The attackers, identified as a former technical contractor and developer, were later apprehended in a coordinated international law enforcement effort in Italy, and crucial elements like private cryptocurrency wallet keys were confiscated, aiding the ongoing investigations and potential recovery of stolen assets.Given...
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Impact
The cyber incident involving blockchain tech firm Holograph was primarily a data breach and financial exploitation attack. Malicious actors, who were identified as insiders with detailed knowledge of the system, exploited a smart contract flaw to mint and transfer an enormous quantity of Holograph's own token, HLG, worth $14 million at the time.Financial assets rather than traditional customer data were targeted. The breach did not result in systems or services being taken offline, but it did significantly impact the token's market value. Subsequently, it became evident that internal securit...
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