Holograph Unveils HLG Burn Plan and Forges Technical Partnership with Cybersecurity Expert Halborn
Chainwire – Los Angeles, CA, June 19th, 2024
The Holograph omnichain tokenization protocol has recently announced a new technical partnership with the web3 cybersecurity specialist, Halborn. This collaboration will involve Halborn conducting regular audits to enhance the security of the protocol.
The decision to engage Halborn comes on the heels of a recent incident where a malicious attacker was able to mint HLG, the native Holograph token. Halborn has been tasked with reviewing the incident and implementing measures to strengthen the protocol’s security.
Following the joint analysis, Holograph will release a detailed report outlining the incident and the steps taken to prevent a recurrence. Additionally, Holograph has confirmed that it will be working with exchanges to resume HLG deposits and trading.
To address the impact of the incident, Holograph has initiated an HLG Burn Plan, which has been developed with input from the community. This plan involves burning HLG to restore the original supply of 10 billion HLG. Approximately 200 million HLG will be burned from the attacker’s frozen centralized exchange accounts, with an additional 800 million burned from the Holograph treasury and open market purchases.
The first phase of the HLG Burn Plan has already been carried out, resulting in the burning of 53 million HLG. Holograph has committed to providing onchain proof of each burn as it occurs. The HLG Burn Plan will be executed in stages of varying sizes until a total of 1 billion HLG has been removed from the market.
Looking ahead, Holograph will work closely with Halborn on all aspects of protocol security, leveraging their technical expertise to ensure the full strengthening of the omnichain protocol.
About Halborn
Halborn is an award-winning cybersecurity company specializing in blockchain organizations. They serve as a third-party partner to assess organizations’ vital assets continuously, providing top-notch cybersecurity consulting and execution.
Learn more:
https://www.halborn.com/
About Holograph
Holograph is an omnichain tokenization protocol that enables asset issuers to mint natively composable omnichain tokens. It has been widely used to mint millions of onchain assets, making it one of the most popular protocols for cross-chain asset production and distribution.
Learn more:
https://www.holograph.xyz/
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