Holograph Unveils HLG Burn Plan Then Forms Technical Partnership With Cybersecurity Expert Halborn
Chainwire – Los Angeles, CA, June 19th, 2024
The Holograph tokenization protocol, Omnichain, has recently announced a partnership with web3 cybersecurity specialist Halborn. This collaboration will involve regular audits by Halborn aimed at enhancing the security of the protocol.
The decision to bring Halborn on board comes after a recent security breach that resulted in the unauthorized minting of HLG, the native token of Holograph. Halborn has been tasked with investigating the incident and making recommendations to bolster the security of the protocol.
Following the completion of the joint analysis, Holograph will release a comprehensive report detailing the incident and the measures taken to prevent similar incidents in the future. In addition, Holograph has confirmed that it will be working with exchanges to resume HLG deposits, allowing trading to resume.
To mitigate the impact of the security breach, Holograph has initiated an HLG Burn Plan, developed with input from the community. This plan involves burning HLG tokens to restore the original supply of 10 billion HLG. Approximately 200 million HLG will be burned from the attacker’s frozen centralized exchange accounts, and an additional 800 million will be burned from the Holograph treasury and open market purchases.
The first phase of the HLG Burn Plan has already been executed, resulting in the burning of 53 million HLG. Holograph has committed to providing on-chain proof of each burn as it occurs. The plan will continue in phases of varying sizes until a total of 1 billion HLG has been removed from the market.
Looking ahead, Holograph will work closely with Halborn to strengthen all aspects of its omnichain protocol, utilizing the technical expertise of Halborn to ensure the security of the protocol.
About Halborn
Halborn is a highly regarded cybersecurity company that specializes in providing services to blockchain organizations. The company is dedicated to continuously assessing the most critical assets of organizations and delivering top-notch cybersecurity consulting and execution.
For more information, visit: https://www.halborn.com/
About Holograph
Holograph is a leading omnichain tokenization protocol that enables asset issuers to mint natively composable omnichain tokens. The protocol has been widely used to mint millions of on-chain assets, making it one of the most popular protocols for cross-chain asset production and distribution.
For more information, visit: https://www.holograph.xyz/
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