Holograph Implements Token Burn to Recover from Security Breach, Aims to Eliminate One Billion Illegally Minted Tokens

Holograph Implements Token Burn to Recover from Security Breach, Aims to Eliminate One Billion Illegally Minted Tokens

Tokenization platform Holograph announces a token burn plan to remove one billion illegally minted HLG tokens. With over 53 million tokens already burned, the total supply is set to return to 10 billion.

Bollywood Fever: The recently compromised tokenization platform, Holograph, has announced a token-burning initiative to eliminate one billion illegally minted HLG tokens. The Holograph team stated that this process, which has already burned more than 53 million tokens, is aimed at reducing the total number of tokens in circulation to 10 billion.

Holograph Takes Steps to Recover Stolen Funds

Animoca Brands-backed Holograph has revealed a token burn plan to address the illegally minted HLG tokens. In an update, the team disclosed that approximately 800 million HLG remain in circulation out of the one billion minted by a suspected rogue developer.

The team mentioned that about 200 million tokens were frozen by centralized exchanges when the attacker attempted to cash out. They added that recovery of the stolen funds is underway through “law enforcement procedures.”

Bitcoin.com News previously reported that an unidentified attacker exploited a vulnerability in the operator contract to mint one billion HLG tokens illegally. The attacker quickly converted HLG to the stablecoin USDT, causing the HLG token’s USD value to drop from around $0.0149 to $0.00296 following the breach.

Holograph Initiates Token Burn Plan to Restore Total Supply to 10 Billion

In a June 20 update, Holograph revealed that they have engaged blockchain security firm Halborn to review the exploit and provide regular security audits for the Holograph Protocol.

Regarding the plan to restore the circulating HLG supply to 10 billion, the Holograph team said:

“At present, there is approximately 800 million HLG in surplus currently in circulation. After extensive discussions with the community, the plan to return the total supply of HLG back to 10 billion has commenced.”

As detailed in the recovery update, 53,249,975 HLG have been burned, leaving 946,750,025 HLG remaining. The team plans to conduct future token burns in multiple tranches, with the size and timing of each burn varying. After each burn is completed, proof of the on-chain transactions will be made public.

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