Holograph launches HLG burn plan to restore the total token supply to 10 billion

ChainCatcher news, the cross-chain NFT protocol Holograph stated in a post on X that on June 13, 2024, the Holograph protocol was subjected to an illegal attack, where malicious actors expanded the total supply of HLG (the native token of the Holograph ecosystem).

As part of the attack, the malicious actors transferred 1 billion HLG to multiple centralized exchanges and began to sell off aggressively. After alerts were sent to the exchanges, approximately 200 million HLG were successfully frozen and are currently being recovered through law enforcement procedures.

Currently, about 800 million HLG remain in circulation on the market. Following extensive discussions with various sectors of society, a plan to restore the total supply of HLG to 10 billion has been initiated. The first batch of 53,249,975 HLG has been burned, leaving 946,750,025 HLG to be burned.

Previous news, the cross-chain NFT protocol Holograph released an update regarding the recent security incident, stating that a former contractor exploited a vulnerability to mint an additional 1 billion HLG tokens on Mantle, resulting in the protocol being temporarily locked.