Los Angeles, California, June 19, 2024, Chainwire
Omnichain tokenization protocol Holograph has announced a technical collaboration with web3 cybersecurity specialist Halborn. As part of the collaboration, Halborn will be involved in regular audits to strengthen the security of the protocols.
Halborn’s appointment follows a recent incident in which a malicious attacker managed to mint HLG, a native holographic token. Halborn was tasked with reviewing the incident to strengthen the security of the protocol.
Once the joint analysis is completed, Holograph will publish a full report detailing the incident and the measures taken to prevent it from happening again. At the same time, Holograph confirmed that it would contact exchanges to resume HLG deposits to enable trading to resume.
To further mitigate the impact of the incident, the HLG burn plan, developed based on extensive community feedback, was initiated. Under this initiative, HLG will be burned to restore the originally programmed supply of 10 billion HLG. Approximately 200 million HLG will be burned from the attacker’s frozen centralized exchange accounts, and another 800 million from the Holograph vault and open market purchases.
The first phase of the HLG incineration plan has already been implemented and involves the incineration of 53 million HLG. Holograph has committed to providing on-chain proof of each burn at the time it occurs. The HLG burning plan will be implemented in tranches of varying sizes until 1 billion HLG is completely removed from the market. Going forward, Holograph will partner with Halborn on all aspects of protocol security and will leverage Halborn’s technical expertise to ensure every element of the omnichain protocol is fully hardened.
About Halborn
Halborn is an award-winning, elite cybersecurity firm for blockchain organizations. Serves as a third-party partner that continually evaluates the organization’s most critical assets, delivers maximum value, and delivers world-class cybersecurity consulting and execution every step of the way.
Find out more: https://www.halborn.com/
About Holograph
Holograph is an omnichain tokenization protocol that allows asset issuers to mint natively composed omnichain tokens. Holograph has been used to create millions of onchain assets, making it one of the most widely used protocols for producing and distributing assets across chains.
Find out more: https://www.holograph.xyz/
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