A former contractor has been identified as the culprit behind the hacking of blockchain tokenization platform, Holograph. The hacker minted 1 billion Holograph (HLG) tokens, valued at $14.4 million, causing the token's value to plummet by nearly 80% within nine hours. Holograph has since resumed operations on its v2 protocol and plans to burn some of the circulating supply to bring it back to its original schedule. The company has not yet shared plans for recovering the lost funds or law enforcement proceedings.