Major Breakthrough in Holograph Hack: Multiple Arrests Made in Italy

In a significant development, arrests have been made in connection with the June 13 Holograph hack. The arrests, carried out in Italy with significant support from French authorities, come after an intensive two-month investigation.

Collaboration between different parties

This investigation was led by the French Office for the Prevention of Cybercrime (OFAC) in collaboration with the Brigade de Répression du Banditisme (BRI), Europol, the Italian Directorate for Anti-Mafia Investigations, and the Royal Cayman Islands Police Service (RCIPS).

Significant assets and electronics were frozen and seized during the operation. The names of the suspects have not been released due to the ongoing investigation, but they are expected to be extradited to France soon to face charges.

Advanced Attack on the Holograph Protocol

The hack, which occurred on June 13, was a sophisticated attack on the Holograph protocol, a blockchain tokenization platform within the Omnichain ecosystem. A malicious actor abused the protocol’s operator contract to use a proxy wallet to create 1 billion native Holograph (HLG) tokens, worth $14.4 million. This led to a dramatic drop in the value of HLG tokens, which dropped by nearly 80% within nine hours of the attack, from $0.014 to a low of $0.0029.

Following the breach, Holograph launched an internal investigation, assisted by blockchain research firm Halborn. On July 2, Holograph released a detailed report that found a “disgruntled former contractor” may have been involved in the attack.

Despite the serious breach, Holograph has continued to strengthen its security measures and remains committed to providing a secure and robust tokenization platform within the Omnichain ecosystem. More details are expected to emerge as the investigation continues, providing greater insight into the full scope of the hack and steps being taken to prevent similar incidents in the future.