In a recent development, the omnichain tokenization protocol Holograph has announced a technical partnership with web3 cybersecurity specialist Halborn. This collaboration aims to address a recent security incident where a malicious attacker was able to mint the native Holograph token, HLG. Halborn has been brought onboard to conduct regular audits and enhance the security of the protocol.
Following the security breach, Holograph has taken proactive steps to address the issue. Halborn will conduct a thorough review of the incident to identify vulnerabilities and strengthen the protocol’s security measures. A comprehensive report detailing the incident and the implemented preventive measures will be released to the public. Additionally, Holograph is working to resume HLG deposits on exchanges to ensure trading activities can resume smoothly.
The HLG Burn Plan
To mitigate the impact of the incident, Holograph has launched an HLG Burn Plan in collaboration with the community. This initiative involves burning a portion of the HLG supply to restore the original programmed supply of 10 billion HLG. Approximately 200 million HLG will be burned from the attacker’s frozen exchange accounts, and another 800 million will be burned from the Holograph treasury and open market purchases. The burning process will be transparent, with onchain proof provided for each burn.
Collaboration with Halborn
Moving forward, Holograph will work closely with Halborn to enhance all aspects of protocol security. Halborn’s expertise in cybersecurity will be utilized to fortify the omnichain protocol and ensure robust security measures are in place. This partnership underscores the importance of cybersecurity in the rapidly evolving landscape of tokenization protocols.
Halborn is a renowned cybersecurity company specializing in providing world-class cybersecurity consulting services to blockchain organizations. Their partnership with Holograph signifies a commitment to enhancing security standards in the blockchain industry. Holograph, on the other hand, is a leading omnichain tokenization protocol that enables asset issuers to mint cross-chain assets seamlessly.
The collaboration between Holograph and Halborn highlights the critical role of cybersecurity in tokenization protocols. By proactively addressing security vulnerabilities and implementing robust security measures, tokenization projects can safeguard their assets and ensure the trust of their users. This partnership sets a precedent for future collaborations in strengthening cybersecurity within the blockchain ecosystem.