Holograph and Halborn Partner to Enhance Protocol Security
Strengthening Protocol Security
Omnichain tokenization protocol Holograph has announced a technical partnership with web3 cybersecurity specialist Halborn. This collaboration aims to reinforce protocol security through regular audits provided by Halborn.
Incident Review and Response
The partnership follows a recent security incident where a malicious attacker was able to mint HLG, the native Holograph token. Halborn has been commissioned to review this incident thoroughly to enhance the protocol’s security. Upon completing the joint analysis, Holograph will release a detailed report on the incident and the implemented preventive measures.
Resuming Trading and HLG Burn Plan
In response to the incident, Holograph plans to reach out to exchanges to resume HLG deposits and recommence trading. To mitigate the effects of the incident, Holograph has initiated an HLG Burn Plan, developed with extensive community feedback. This plan aims to restore the original supply of 10 billion HLG by burning approximately 1 billion HLG.
The first phase of the HLG Burn Plan has already seen the burning of 53 million HLG. The plan involves burning 200 million HLG from the attacker’s frozen centralized exchange accounts and another 800 million from the Holograph treasury and open market purchases. Holograph has committed to providing onchain proof of each burn, implementing the burn plan in tranches until the targeted 1 billion HLG is removed from the market.
Ongoing Security Collaboration
Moving forward, Holograph will work closely with Halborn on all aspects of protocol security. Halborn’s technical expertise will be leveraged to ensure every component of Holograph’s omnichain protocol is fully strengthened.
About Halborn
Halborn is an award-winning, elite cybersecurity company specializing in blockchain organizations. It continuously assesses organizations’ vital assets, driving maximum value and providing world-class cybersecurity consulting and execution.
About Holograph
Holograph is an omnichain tokenization protocol that enables asset issuers to mint natively composable omnichain tokens. It has been used to mint millions of onchain assets, making it one of the most widely used protocols for cross-chain asset production and distribution.
