French Police Crack Down on $14.4 Million Holograph Hack
French authorities have arrested several suspects in connection with the devastating hacking attack on the Holograph platform, which resulted in the theft of tokens worth $14.4 million.
The perpetrators exploited a vulnerability in the platform operator’s smart contract, using a proxy wallet to generate 1 billion HLG tokens across nine transactions, seven of which were sent in batches of 100 million.
At the time, the tokens were valued at approximately $15 million. The attack caused the value of HLG to plummet by nearly 80% within just nine hours—from $0.014 to $0.0029.
An international investigation was launched immediately following the incident, culminating in the arrest of the suspects in Italy. Significant assets and electronic devices were seized during the operation, with the collected materials expected to serve as additional evidence in the ongoing investigation. The suspects will soon be extradited to France, where they will face trial.
The crypto community, closely monitoring the developments, actively engaged in discussions about the event. Many users speculated that the attack could have been the work of insiders. These suspicions were confirmed when it was revealed that the attack was orchestrated by a “former contractor” of Holograph, who possessed deep knowledge of the protocol’s operations. In response, the platform implemented a comprehensive solution, including operational risk controls, to prevent future insider attacks.
Holograph is a platform that enables tokens to move seamlessly between blockchains while maintaining the same contract address, allowing issuers to efficiently index data across various networks. Despite the breach, Holograph continues to bolster its security measures and remains committed to providing a reliable and secure platform for tokenization within the Omnichain ecosystem.
