Holograph's (CRYPTO:HLG) native token experienced a dramatic 80% decline within nine hours after a hacker exploited a vulnerability in the protocol's operator contract to mint 1 billion HLG tokens worth $14.4 million.
The exploit, confirmed on June 14, prompted swift action from Holograph, which patched the vulnerability and collaborated with exchanges to freeze the hacker's accounts.
Despite efforts to mitigate the damage, HLG's market cap plummeted from nearly $22 million to $4.8 million as its price fell from $0.014 to $0.0029.
The hacker swiftly started turning the tokens into stablecoins, bringing attention to persistent security issues inside the cryptocurrency space.