Holograph Announces HLG Burn Plan, Followed by Technical Partnership With Cybersecurity Specialist Halborn
Los Angeles, CA, June 19th, 2024, Chainwire
Omnichain tokenization protocol Holograph has announced a technical partnership with web3 cybersecurity specialist Halborn. The collaboration will see Halborn engaged to provide regular audits with a view to reinforce protocol security.
The appointment of Halborn follows a recent incident in which a malicious attacker was able to mint HLG, the native Holograph token. Halborn has been commissioned to review the incident in order to strengthen the protocol’s security.
Upon completion of the joint analysis, a full report will be released by Holograph detailing the incident and the measures that have been implemented to prevent a recurrence. At the same time, Holograph has confirmed that it will reach out to exchanges to resume HLG deposits so that trading can recommence.
To further mitigate the effects of the incident, an HLG Burn Plan, developed with extensive community feedback, has commenced. The initiative will see HLG 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 burned from the Holograph treasury and open market purchases.
The first phase of the HLG Burn Plan has already been implemented, involving the burning of 53 million HLG. Holograph has committed to provide onchain proof of each burn as it occurs. The HLG Burn Plan will be implemented in tranches of varying sizes until a total of 1 billion HLG has been removed from the market. Moving forward, Holograph will collaborate with Halborn on all aspects of protocol security, and will utilize Halborn’s technical expertise to ensure that every component of its omnichain protocol is fully strengthened.
About Halborn
Halborn is an award-winning, elite cybersecurity company for blockchain organizations. It serves as a third-party partner to continuously assess organizations’ most vital assets, drive maximum value, and provide world-class cybersecurity consulting and execution every step of the way.
Learn more: https://www.halborn.com/
About Holograph
Holograph is an omnichain tokenization protocol, enabling asset issuers to mint natively composable omnichain tokens. Holograph 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.
Learn more: https://www.holograph.xyz/