In an effort to enhance security and transparency within its ecosystem, the omnichain tokenization protocol, Holograph, has announced a technical partnership with web3 cybersecurity specialist, Halborn. This collaboration comes on the heels of a recent security incident in which a malicious attacker was able to mint the native Holograph token, HLG.
Halborn has been engaged to provide regular audits of the Holograph protocol, with the goal of reinforcing security measures to prevent similar incidents in the future. Following the recent attack, Halborn will review the incident in depth and provide recommendations to strengthen the protocol’s security framework.
To mitigate the impact of the security breach, Holograph has initiated an HLG Burn Plan in collaboration with the community. The plan involves burning a total of 1 billion HLG tokens from various sources, including the attacker’s centralized exchange accounts, the Holograph treasury, and open market purchases. The transparent burning process will be verified onchain to ensure accountability and restore the original token supply of 10 billion HLG.
Resumption of Trading and Exchange Deposits
In addition to the security enhancements, Holograph has confirmed plans to resume HLG deposits on exchanges in order to allow trading to recommence. By reaching out to exchanges and providing a full report of the incident along with preventive measures taken, Holograph aims to reassure users of the protocol’s commitment to security and transparency.
Moving forward, Holograph will continue to collaborate with Halborn on all aspects of protocol security. By leveraging Halborn’s technical expertise and experience in cybersecurity, Holograph aims to ensure that every component of its omnichain protocol is thoroughly strengthened. This strategic partnership underscores Holograph’s dedication to providing a secure and reliable platform for asset issuers to mint natively composable omnichain tokens.
The partnership between Holograph and Halborn marks a significant step towards enhancing security and transparency within the blockchain ecosystem. By implementing a comprehensive security framework, undertaking the HLG Burn Plan, and engaging with a reputable cybersecurity partner, Holograph is demonstrating its commitment to safeguarding user assets and maintaining the integrity of its protocol.