Crypto Blog
Investigations into a multi-million dollar hack on the omnichain tokenization platform Holograph have begun to yield results. French authorities have arrested two individuals who may have been involved in the attack.
On-chain analysts found data that suggested that a rogue developer had executed the attack after making preparations roughly a month in advance. The wallet address that received the minted supply was funded 26 days before the exploit.Law enforcement agencies 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.
“The broader investigation is still very fluid — the team will share more information on asset recovery for the Holograph ecosystem as the proceedings develop,” the protocol added.The Holograph attack took a toll on the value of HLG, as the token plunged 80% from $0.014 to a low of $0.0029 in less than ten hours. The token’s market cap slumped from $22 million to $4.8 million, and the value of the stolen stash reduced from $14.4 million to $7 million.
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