In the fast-paced world of blockchain technology, security is of utmost importance. A recent incident involving the Holograph tokenization protocol has highlighted the need for continuous audits and collaboration with cybersecurity specialists to reinforce protocol security.
The technical partnership between Holograph and Halborn signifies a proactive approach towards strengthening protocol security. Halborn, a web3 cybersecurity specialist, has been engaged to provide regular audits to prevent future security breaches. This collaboration follows a malicious attack that resulted in the minting of HLG, the native Holograph token, prompting the need for a thorough review of the incident.
To address the security incident, Holograph has initiated an HLG Burn Plan in consultation with the community. This plan involves burning HLG tokens to restore the original supply and mitigate the effects of the attack. Approximately 200 million HLG will be burned from the attacker’s frozen exchange accounts, with an additional 800 million burned from the treasury and open market purchases. The burning process will be transparent, and onchain proof will be provided for each burn.
Moving forward, Holograph will continue to collaborate with Halborn on all aspects of protocol security. By leveraging Halborn’s technical expertise, Holograph aims to strengthen every component of its omnichain protocol. This partnership underscores the commitment to proactively enhance security measures and prevent future security incidents.
Halborn is an award-winning cybersecurity company specializing in blockchain organizations, providing world-class cybersecurity consulting and execution. On the other hand, Holograph is an omnichain tokenization protocol that enables asset issuers to mint composable omnichain tokens. With millions of onchain assets minted using Holograph, it has become a widely used protocol for cross-chain asset production and distribution.
The partnership between Holograph and Halborn exemplifies the importance of security in blockchain protocols. By conducting regular audits, implementing security measures, and collaborating with cybersecurity specialists, blockchain projects can strengthen their security posture and protect their assets from malicious attacks. Continuous vigilance and proactive security measures are crucial in the ever-evolving landscape of blockchain technology.