Los Angeles, CA, June 19, 2024, Chainwire
Omnichain tokenization protocol Holograph has announced a technical partnership with web3 cybersecurity specialist Halborn. The collaboration will see Halborn commit to regular audits to strengthen the security of the protocol.
Halborn's appointment follows a recent incident where a malicious attacker was able to mint HLG, the native holographic token. Halborn has been tasked with reviewing the incident to reinforce the security of the protocol.
Once the joint analysis is complete, Holograph will publish a full report detailing the incident and the measures that have been implemented to prevent its recurrence. At the same time, Holograph has confirmed that it will contact exchanges to resume HLG deposits so that trading can resume.
To further mitigate the effects of the incident, an HLG Burn Plan has been initiated, developed with extensive community feedback. The initiative will involve the burning of HLG to restore the originally scheduled supply of 10 billion HLG. Approximately 200 million HLG will be burned from the attacker's frozen centralized exchange accounts and another 800 million from Holograph's treasury and from open market purchases.
The first phase of the HLG Burning Plan, which involves the burning of 53 million HLG, has already been implemented. Holograph is committed to providing on-chain testing of each burn as it occurs. The HLG Burning Plan will be implemented in tranches of varying sizes until a total of one billion HLG has been removed from the market. Going 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 hardened.
About Halborn
Halborn is an elite, award-winning cybersecurity company for blockchain organizations. Serves as a third-party partner to continually assess organizations' most vital assets, drive maximum value, and deliver world-class cybersecurity consulting and execution every step of the way.
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About holography
Holograph is an omnichain tokenization protocol that allows asset issuers to mint natively composable omnichain tokens. Holograph has been used to mint millions of assets on-chain, making it one of the most widely used protocols for cross-chain asset production and distribution.
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This article was originally published on Chainwire.
