Multiple arrests have been made following the June 13 Holograph hack, thanks to a two-month investigation led by French and international agencies, including Europol and the Royal Cayman Islands Police.
Several arrests have been made in connection with the Holograph breach that occurred on June 13.
The development is the result of a two-month-long investigation conducted by the Brigade de Répression du Banditisme (BRI), Europol, the Italian Directorate of Anti-Mafia Investigations, the Royal Cayman Islands Police Service (RCIPS), and France’s Office for the Prevention of Cybercrime (OFAC), as reported by Holograph.
Numerous Arrests Have Been Conducted
The seizures were conducted in Italy with the assistance of French authorities. This has resulted in the freezing and seizure of substantial electronics and assets.
The perpetrators, whose identities have not been disclosed as a result of the ongoing investigation, are anticipated to be extradited to France in the near future to face formal charges.
The Holograph protocol, a blockchain tokenization platform that operates within the Omnichain ecosystem, was the target of a sophisticated attack during the breach.
On June 13, a malicious actor utilized a proxy wallet to mint 1 billion native Holograph (HLG) tokens valued at $14.4 million by exploiting the protocol’s operator contract.
Within nine hours of the exploit, the value of HLG tokens plummeted by nearly 80%, from $0.014 to a low of $0.0029, thanks to the incident.
An internal investigation was initiated by Holograph in response to the compromise, with the assistance of Halborn, a blockchain investigation firm.
On July 2, the organization disclosed a comprehensive post-mortem report that disclosed the involvement of a “disgruntled former contractor.”
Holograph’s platform is intended to facilitate the seamless transfer of tokens between blockchains while preserving the same contract address. This feature enables asset issuers to reliably index cross-chain data.
Aftermath of the Hack
Holograph has persisted in its efforts to enhance its security protocols and uphold its dedication to offering a secure and resilient tokenization platform within the Omnichain ecosystem, despite the breach.
It is anticipated that additional information will be disclosed as the investigation continues, which will illuminate the full extent of the breach and the precautionary measures being implemented to prevent future occurrences.
WazirX, an Indian cryptocurrency exchange, restored the balances of all platform accounts on Aug. 8, following the cessation of withdrawals as a result of a $235 million breach in July.
The breach was ascribed by the exchange to discrepancies between the data displayed on Liminal’s digital custody platform and the valid transaction details on WazirX.
The anonymous assailant is believed to have stolen at least $100 million in Shiba Inu and $52 million in Ether as a consequence of the breach.. WazirX’s reserves were reduced by 45% as a result of the loss.
