An internal investigation discovered that a former dissatisfied contractor was behind the hack of the blockchain tokenization platform Holograph. The hacker exploited the Holograph protocol to create 1 billion Holograph (HLG) tokens valued at $14.4 million. This led to an 80% drop in HGL token value within nine hours, plummeting from $0.014 to $0.0029. Holograph, with the help of blockchain investigation firm Halborn, identified the culprit as a disgruntled ex-contractor who minted $14 million of HLG tokens using a proxy wallet. The hacker then sold the tokens, crashing their price. Holograph plans to involve law enforcement and reduce the token supply to 10 billion. The platform has not disclosed plans for fund recovery or legal actions. Holograph has since implemented measures to prevent insider attacks, following a similar incident with Bittensor losing $8 million in digital assets due to wallet drains. Read more AI-generated news on: https://app.chaingpt.org/news