Investigations into a multi-million-dollar hack on omnichain tokenization platform Holograph have begun to yield results. French authorities have arrested two people who may have been involved in the attack.
According to a tweet According to the official Holograph X account, Italy’s Anti-Mafia Investigations Directorate, in collaboration with several law enforcement agencies including Europol, France’s Office for the Prevention of Cybercrime, and the Paris Search and Intervention Brigade, have arrested suspects linked to the Holograph hack, seizing assets and electronic devices as part of the arrests.
The Hologram Hack
On June 13, a cybercriminal exploited A vulnerability in the Holograph operator contract minted 1 billion HLG tokens valued at $14.4 million. HLG is the protocol’s native token. Within hours of the attack, the hacker converted the stolen assets into Tether (USDT) and made off with the stablecoins.
On-chain analysts found data suggesting that a rogue developer had executed the attack after making preparations about a month in advance. The wallet address that received the minted supply was funded 26 days before the attack.
The Holograph team quickly alerted law enforcement and investigations are ongoing.
Law enforcement and cyber investigators traced the attacks to two men in their thirties residing in Italy. They were arrested and detained on August 9 and will soon be extradited to France to face charges. Holograph said their names could not be published due to instructions from French authorities and for the sake of further investigations.
“The broader investigation is still in the process of being developed; the team will share more information on asset recovery for the Holograph ecosystem as proceedings progress,” the protocol added.
HLG up 62%
The Holograph attack impacted the value of HLG, as the token plummeted by 80%, from $0.014 to a low of $0.0029 in less than ten hours. The token’s market cap plummeted from $22 million to $4.8 million, and the value of the stolen stash dropped from $14.4 million to $7 million.
Although HLG’s market cap is currently below $3.44 million, the token has reacted Following the news of the arrests, the price of HLG increased by 62%, from $0.0016 to $0.0026. At the time of writing, HLG was hovering around $0.0024, up 41% in the past 24 hours.
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