{"investigation":{"slug":"holograph","entity_name":"Holograph","trust_score":28,"severity_base":null,"score_modifier":0,"confidence":0.82,"status":"published","content_type":"investigation","summary":"Holograph is an omnichain tokenization protocol that enables cross-chain asset transfers, launched in 2022 by CXIP Labs with $6.5 million in seed funding. On June 13, 2024, a former technical contractor exploited admin-level access to the protocol's operator contract to mint 1 billion unauthorized HLG tokens worth approximately $14.4 million, crashing the token price by over 80%. Four suspects were subsequently arrested in Italy and extradited to France, where criminal proceedings are ongoing; approximately 80% of stolen tokens were reported recovered by law enforcement.","sections":[{"content":"Holograph is an omnichain tokenization protocol developed by CXIP Labs, designed to allow token issuers to mint and transfer assets natively across multiple EVM-compatible blockchains without using wrapped tokens or liquidity pools. The protocol burns tokens on the source chain, relays a message via an interoperability layer, and remints an equivalent number of tokens to the same contract address on the destination chain, preserving fungibility and eliminating slippage. Its native governance and utility token is HLG. The Holograph Foundation is registered in the Cayman Islands. Primary chains supported include Ethereum, Base, and Mantle, with additional deployments on Unichain and others.","heading":"Protocol Overview","sources":[{"url":"https://docs.holograph.xyz/about/overview","name":"docs.holograph.xyz","type":"other","credibility":3},{"url":"https://www.gate.com/learn/articles/how-holograph-protocol-enhances-de-fi-with-omnichain-capabilities/4200","name":"gate.com","type":"other","credibility":3},{"url":"https://www.bleepingcomputer.com/news/legal/hackers-linked-to-14m-holograph-crypto-heist-arrested-in-italy/","name":"bleepingcomputer.com","type":"other","credibility":3}],"severity":"medium"},{"content":"CXIP Labs was founded by intellectual property attorney Jeff Gluck, entrepreneur Jeremy Kerbel, and artist Daniel Arsham, originally to address NFT copyright protection and provenance problems. In April 2022, CXIP Labs unveiled the Holograph protocol and announced a $6.5 million Series Seed financing round co-led by Courtside Ventures and Wave Financial, with participation from Vaynerfund, Diplo, Gmoney, Arca NFT Fund, Infinity Ventures Crypto, Kenetic Capital, Mirana Ventures, and others. Celebrity advisors including Pharrell Williams and Joe Jonas were also named at the time of the announcement. The protocol was positioned as a developer platform with no-code minting tools and a cross-chain bridging API.","heading":"Background and Funding","sources":[{"url":"https://techstartups.com/2022/04/26/cxip-labs-unveils-holograph-omnichain-nft-protocol-raises-6-5-million-funding-led-vaynerfund-diplo/","name":"techstartups.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/business/2022/04/26/cxip-labs-taps-celebrity-investments-in-65m-round-for-nft-development-suite","name":"coindesk.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On June 13, 2024, at approximately 09:47 UTC, an attacker exploited a vulnerability in the Holograph operator smart contract to mint 1 billion additional HLG tokens across nine transactions, seven of which involved batches of 100 million tokens each. The total supply of HLG was inflated from approximately 10 billion to approximately 11 billion tokens. At the time of minting, the 1 billion tokens were valued at approximately $14.4 million. Within nine hours, the HLG token price collapsed from $0.014 to a low of approximately $0.0029, a decline of roughly 80%, and the token's market capitalization fell from approximately $22 million to $4.8 million. The attacker deployed an unverified contract on the Mantle network and exploited a flaw in the protocol's operator contract verification mechanism. An on-chain wallet associated with the ENS name acc01ade.eth was identified as linked to the attack, with a GitHub profile suggesting the individual was a protocol contributor based in Paris.","heading":"June 2024 Exploit: Unauthorized Token Minting","sources":[{"url":"https://cointelegraph.com/news/holograph-hacked-for-1-billion-hlg-tokens-worth-14-million","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/tech/2024/06/13/hlg-down-over-60-as-exploiter-mints-1-billion-new-tokens","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.halborn.com/blog/post/explained-the-holograph-hack-june-2024","name":"halborn.com","type":"other","credibility":3},{"url":"https://cryptonews.com/news/holograph-protocol-faces-exploit-hacker-mints-1-billion-native-hlg-token/","name":"cryptonews.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Holograph's internal investigation, conducted in partnership with blockchain security firm Halborn, concluded that the exploit was carried out by a former technical contractor who retained admin-level access to the Holograph Protocol v1 operator contracts after their engagement ended. According to Holograph, the individual began planning the attack months in advance, funding the operator contract approximately 26 days before the exploit was executed. The attacker leveraged admin access as a backdoor to trigger the unauthorized minting function. This access was allegedly never revoked following the contractor's departure, representing a significant operational security failure. Holograph characterized the event as an inside job rather than an external hack. The attacker began converting minted HLG tokens to Tether (USDT) approximately four hours after the initial exploit, indicating a pre-planned liquidation strategy.","heading":"Insider Threat: Former Contractor","sources":[{"url":"https://cointelegraph.com/news/holograph-token-exploit-former-contractor","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.bleepingcomputer.com/news/legal/hackers-linked-to-14m-holograph-crypto-heist-arrested-in-italy/","name":"bleepingcomputer.com","type":"other","credibility":3},{"url":"https://news.bitcoin.com/holograph-compromised-hlg-value-plummets-as-hacker-illegally-mints-1-billion-tokens/","name":"news.bitcoin.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Following a two-month international investigation coordinated by France's Office for the Prevention of Cybercrime, the Italian Directorate of Anti-Mafia Investigations, Europol, and the Royal Cayman Islands Police Service (RCIPS), four suspects were identified and located in Italy. On approximately August 9, 2024, Italian police arrested four individuals — two men and two women — in their thirties, with two subject to European Arrest Warrants. The two arrested on EAWs were remanded to Salerno prison pending extradition to France. Law enforcement surveillance documented the suspects living at luxury villas across Sardinia, Elba Island, and the Amalfi Coast, renting private jets and yachts, and frequenting fine dining establishments. Police seized cryptocurrency wallet keys and electronic devices during the arrests. One suspect was alleged to be a Ukrainian national resident in France, which investigators believe is where the exploit was executed. Holograph stated that suspect names were withheld at the instruction of French authorities to protect the ongoing investigation. French investigators reported recovering approximately 80% of the stolen tokens. Criminal proceedings in France are ongoing.","heading":"Law Enforcement Response and Arrests","sources":[{"url":"https://www.bleepingcomputer.com/news/legal/hackers-linked-to-14m-holograph-crypto-heist-arrested-in-italy/","name":"bleepingcomputer.com","type":"other","credibility":3},{"url":"https://cryptonews.com/news/law-enforcement-arrests-suspects-in-14-4m-holograph-heist/","name":"cryptonews.com","type":"other","credibility":3},{"url":"https://cryptopotato.com/french-authorities-arrest-duo-in-connection-to-holographs-14-4m-hack/","name":"cryptopotato.com","type":"other","credibility":3},{"url":"https://www.coinspeaker.com/french-authorities-arrest-suspects-holograph-hack/","name":"coinspeaker.com","type":"other","credibility":3},{"url":"https://www.cointribune.com/en/crypto-holograph-hackers-arrested-and-soon-to-be-extradited-to-france/","name":"cointribune.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On June 19, 2024, Holograph announced an HLG Burn Plan designed to restore the total token supply to 10 billion by destroying 1 billion tokens in tranches. The first phase involved burning 53 million HLG tokens, with on-chain proof provided for each burn. Approximately 200 million HLG tokens were frozen by exchange partners and are being recovered through law enforcement proceedings. The remaining approximately 800 million tokens to be burned would be sourced from treasury holdings and open-market purchases. Simultaneously, Holograph announced a long-term technical partnership with blockchain cybersecurity firm Halborn to conduct regular protocol audits. The protocol's V2 infrastructure was re-enabled following the patching of the exploit. Holograph committed to improved access control procedures, including multisig wallets with well-distributed signers, background checks on contributors, and formal off-boarding processes to prevent unauthorized access by former employees.","heading":"Post-Incident Recovery: HLG Burn Plan and Security Restructuring","sources":[{"url":"https://www.investing.com/news/cryptocurrency-news/holograph-announces-hlg-burn-plan-followed-by-technical-partnership-with-cybersecurity-specialist-halborn-3489302","name":"investing.com","type":"other","credibility":3},{"url":"https://www.bitget.com/news/detail/12560604057087","name":"bitget.com","type":"other","credibility":3},{"url":"https://cryptonews.net/news/security/29275002/","name":"cryptonews.net","type":"other","credibility":3}],"severity":"medium"},{"content":"Prior to the exploit, the HLG token reached an all-time high of approximately $0.0279 on May 25, 2024. Following the June 2024 exploit, the token never recovered to pre-exploit levels. As of mid-2026, HLG trades at approximately $0.000060 — a decline of roughly 99.8% from its all-time high. The token has a total supply of approximately 9.98 billion HLG, with approximately 1.52 billion in circulating supply. The token's market capitalization remains negligible relative to its peak. The collapse in token value reflects both the direct supply dilution from the exploit and sustained loss of market confidence in the protocol.","heading":"Token Price Impact and Current Market Status","sources":[{"url":"https://www.coingecko.com/en/coins/holograph","name":"coingecko.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/holograph/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://coincodex.com/crypto/holograph/price-prediction/","name":"coincodex.com","type":"other","credibility":3}],"severity":"medium"},{"content":"The Holograph exploit illustrates a class of insider threat that arises when privileged smart contract access rights are not revoked upon the departure of a contractor or employee. The attacker retained admin access to v1 operator contracts despite no longer being affiliated with the protocol. Security firm Halborn's post-incident review identified inadequate access controls as a root cause. Specifically: no multisig requirement for critical minting operations, failure to remove former contributor privileges, and insufficient monitoring of privileged contract interactions. The protocol's architecture at the time permitted a single authorized address to trigger large-scale token minting without additional on-chain approval steps. The 26-day preparation window before the exploit was executed without triggering any automated alert mechanisms.","heading":"Operational Security Failures","sources":[{"url":"https://www.halborn.com/blog/post/explained-the-holograph-hack-june-2024","name":"halborn.com","type":"other","credibility":3},{"url":"https://www.halborn.com/audits/holograph","name":"halborn.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/holograph-token-exploit-former-contractor","name":"cointelegraph.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2022-04-26","event":"CXIP Labs unveils the Holograph omnichain NFT protocol and announces a $6.5 million seed round led by Courtside Ventures and Wave Financial, with celebrity participation from Vaynerfund and Diplo.","source":""},{"date":"2024-05-25","event":"HLG token reaches its all-time high of approximately $0.0279.","source":""},{"date":"2024-05-18","event":"Alleged attacker funds the Holograph operator contract approximately 26 days before the exploit, beginning preparations for the attack.","source":""},{"date":"2024-06-13","event":"At 09:47 UTC, former contractor exploits the Holograph operator smart contract to mint 1 billion unauthorized HLG tokens across nine transactions. HLG token price collapses over 80% within nine hours. Holograph patches the exploit and contacts law enforcement.","source":""},{"date":"2024-06-13","event":"On-chain investigators identify wallet acc01ade.eth as linked to the exploit; a GitHub profile and X account matching the alias describe a 'super shadowy coder' based in Paris.","source":""},{"date":"2024-06-19","event":"Holograph announces the HLG Burn Plan targeting removal of 1 billion tokens to restore original supply, and a long-term security partnership with Halborn. First burn of 53 million HLG executed.","source":""},{"date":"2024-08-09","event":"Italian police arrest four suspects in their thirties across Italy, with two subject to European Arrest Warrants issued by French authorities. Suspects are remanded to Salerno prison pending extradition to France.","source":""},{"date":"2024-08-15","event":"Multiple news outlets report the arrests. Europol, France's Office for the Prevention of Cybercrime, the Italian Directorate of Anti-Mafia Investigations, and the Royal Cayman Islands Police Service confirm involvement in the investigation.","source":""},{"date":"2025-07-11","event":"The Cayman Compass reports that French cyber investigators have traced the $14 million theft to a Cayman-registered victim entity, confirming the inside-job characterization and noting that criminal proceedings in France are continuing.","source":""}],"sources_used":[{"url":"https://docs.holograph.xyz/about/overview","name":"docs.holograph.xyz","type":"other","archive_url":"http://web.archive.org/web/20250604073929/https://docs.holograph.xyz/about/overview","credibility":3,"archive_timestamp":"2025-06-04T07:39:29+00:00"},{"url":"https://www.gate.com/learn/articles/how-holograph-protocol-enhances-de-fi-with-omnichain-capabilities/4200","name":"gate.com","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://www.bleepingcomputer.com/news/legal/hackers-linked-to-14m-holograph-crypto-heist-arrested-in-italy/","name":"bleepingcomputer.com","type":"other","archive_url":"http://web.archive.org/web/20260820181912/https://www.bleepingcomputer.com/news/legal/hackers-linked-to-14m-holograph-crypto-heist-arrested-in-italy/","credibility":3,"archive_timestamp":"2026-08-20T18:19:12+00:00"},{"url":"https://techstartups.com/2022/04/26/cxip-labs-unveils-holograph-omnichain-nft-protocol-raises-6-5-million-funding-led-vaynerfund-diplo/","name":"techstartups.com","type":"other","archive_url":"http://web.archive.org/web/20260212034629/https://techstartups.com/2022/04/26/cxip-labs-unveils-holograph-omnichain-nft-protocol-raises-6-5-million-funding-led-vaynerfund-diplo/","credibility":3,"archive_timestamp":"2026-02-12T03:46:29+00:00"},{"url":"https://www.coindesk.com/business/2022/04/26/cxip-labs-taps-celebrity-investments-in-65m-round-for-nft-development-suite","name":"coindesk.com","type":"other","archive_url":"http://web.archive.org/web/20260124033919/https://www.coindesk.com/business/2022/04/26/cxip-labs-taps-celebrity-investments-in-65m-round-for-nft-development-suite","credibility":3,"archive_timestamp":"2026-01-24T03:39:19+00:00"},{"url":"https://cointelegraph.com/news/holograph-hacked-for-1-billion-hlg-tokens-worth-14-million","name":"cointelegraph.com","type":"other","archive_url":"http://web.archive.org/web/20251125024428/https://cointelegraph.com/news/holograph-hacked-for-1-billion-hlg-tokens-worth-14-million","credibility":3,"archive_timestamp":"2025-11-25T02:44:28+00:00"},{"url":"https://www.coindesk.com/tech/2024/06/13/hlg-down-over-60-as-exploiter-mints-1-billion-new-tokens","name":"coindesk.com","type":"other","archive_url":"http://web.archive.org/web/20260624185943/https://www.coindesk.com/tech/2024/06/13/hlg-down-over-60-as-exploiter-mints-1-billion-new-tokens","credibility":3,"archive_timestamp":"2026-06-24T18:59:43+00:00"},{"url":"https://www.halborn.com/blog/post/explained-the-holograph-hack-june-2024","name":"halborn.com","type":"other","archive_url":"http://web.archive.org/web/20260215115600/https://www.halborn.com/blog/post/explained-the-holograph-hack-june-2024","credibility":3,"archive_timestamp":"2026-02-15T11:56:00+00:00"},{"url":"https://cryptonews.com/news/holograph-protocol-faces-exploit-hacker-mints-1-billion-native-hlg-token/","name":"cryptonews.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://cointelegraph.com/news/holograph-token-exploit-former-contractor","name":"cointelegraph.com","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://news.bitcoin.com/holograph-compromised-hlg-value-plummets-as-hacker-illegally-mints-1-billion-tokens/","name":"news.bitcoin.com","type":"other","archive_url":"http://web.archive.org/web/20251110101850/https://news.bitcoin.com/holograph-compromised-hlg-value-plummets-as-hacker-illegally-mints-1-billion-tokens/","credibility":3,"archive_timestamp":"2025-11-10T10:18:50+00:00"},{"url":"https://cryptonews.com/news/law-enforcement-arrests-suspects-in-14-4m-holograph-heist/","name":"cryptonews.com","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://cryptopotato.com/french-authorities-arrest-duo-in-connection-to-holographs-14-4m-hack/","name":"cryptopotato.com","type":"other","archive_url":"http://web.archive.org/web/20260606113949/https://cryptopotato.com/french-authorities-arrest-duo-in-connection-to-holographs-14-4m-hack/","credibility":3,"archive_timestamp":"2026-06-06T11:39:49+00:00"},{"url":"https://www.coinspeaker.com/french-authorities-arrest-suspects-holograph-hack/","name":"coinspeaker.com","type":"other","archive_url":"https://web.archive.org/web/20260829150329/https://www.coinspeaker.com/cardano-founder-challenges-ai-blockchain-integration/","credibility":3,"archive_timestamp":"2026-08-29T15:03:29+00:00"},{"url":"https://www.cointribune.com/en/crypto-holograph-hackers-arrested-and-soon-to-be-extradited-to-france/","name":"cointribune.com","type":"other","archive_url":"http://web.archive.org/web/20260120031643/https://www.cointribune.com/en/crypto-holograph-hackers-arrested-and-soon-to-be-extradited-to-france/","credibility":3,"archive_timestamp":"2026-01-20T03:16:43+00:00"},{"url":"https: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