in blurt •  last month 

Holograph Hacked, Token Drops 80%


🙀 The native token of the Holograph blockchain plummeted 80% after a malicious actor hacked the protocol operator's smart contract, issuing 1 billion HLG worth $14.4 million.

👀 On June 14, the network team confirmed the attack and announced that the bug had been fixed. They also reached out to centralized exchanges and law enforcement to freeze the stolen assets.

🔍 According to Etherscan, the hacker issued 1 billion HLG in nine transactions, starting on June 13 around 07:00 UTC.

⏳ Within 10 minutes, the token's price dropped from $0.014 to $0.002. It has since recovered to $0.006. At the current rate, 1 billion HLG is valued at approximately $6.8 million.

💵 The hacker began converting the newly created tokens into USDT four hours after the attack.

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Wow, instant hyperinflation!!

Yes you are very correct, that can even lead to rugpool

Thank you for sharing such great content!
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