Authorities have arrested several individuals in connection with the June 13 Holograph hack. That involved a sophisticated attack on the Holograph protocol, a blockchain tokenization platform operating within the Omnichain ecosystem.

The investigation, led by France’s Office for the Prevention of Cybercrime (OFAC), has made significant progress.

International Collaboration Leads to Arrests

These arrests have been made in a coordinated effort. It spans several countries related to the June 13 theft at Holograph, a blockchain tokenization platform. However, the operation involved France’s Office for the Prevention of Cybercrime (OFAC), supported by French and Italian police units, Europol, and the Royal Cayman Islands Police Service.

These arrests occurred in Italy, with French operatives playing a crucial role. Due to legal constraints, the identities of the suspects remain undisclosed, as assets and electronic devices have been seized. The suspects are expected to be extradited to France to face legal proceedings.

Details of the Holograph Hack

The cyberattack targeted the Holograph protocol’s operator contract, exploiting a flaw that allowed the unauthorized creation of 1 billion Holograph (HLG) tokens. This breach resulted in a loss valued at $14.4 million and caused the market value of HLG to plummet nearly 80% in less than a day. However, the incident was traced back to a former contractor who allegedly facilitated the breach.

In response to this security lapse, Holograph has ramped up its security protocols. The company, known for enabling token transfers across blockchains while maintaining contract addresses, undertook a thorough internal investigation with Halborn, a blockchain investigation firm.

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