HLG Down Over 60% as Exploiter Mints 1 Billion New Tokens

The native token of the Holograph protocol (HLG) was down as much as 60%, according to CoinGecko data, after a malicious actor ran an exploit that allowed them to mint 1 billion HLG tokens.

“The team has launched an investigation & is in the process of contacting law enforcement,” the protocol posted on its X page.

The Holograph protocol enables a single contract address across all EVM blockchains, which ensures consistent tokenization, seamless interoperability, and secure cross-chain asset transfers, according to a description on its website.

At current market prices, the 1 billion HLG that the exploiter absconded with is worth slightly more than $6.7 million.

On-chain veri suggests that the ENS wallet acc01ade.eth was involved in the exploit. A Github page suggests that they are also a contributor to the project.

A X page with the same name describes itself as a “super shadowy coder” based in Paris. The account did not respond to a request for comment by CoinDesk.