Holograph, a blockchain tokenization platform, saw its native token drop by 79.4% following a hack that minted 1 billion HLG tokens worth $14.4 million. The hack exploited a smart contract vulnerability, with the hacker swiftly converting the tokens into stablecoin Tether. Holograph has patched the exploit, frozen the hacker's accounts, and launched an investigation. The incident highlights the ongoing security risks in the crypto space, with over $19 billion lost to hacks since 2011. Despite the token's recovery to $0.008, its market cap plummeted from $22 million to $4.8 million. The hacker's identity remains unknown, but suspicions point to a 'rogue dev' who funded Holograph's operator contract. This breach underscores the importance of robust security measures in the crypto industry. Read more AI-generated news on: https://app.chaingpt.org/news