Entangle Token Hit by Major Hack, Causes 96% Price Drop
The Entangle (NGL) token, available on popular crypto platforms like KuCoin, MEXC, Gateio, and Bybit, has reportedly fallen victim to a significant hacking incident.
In a short timeframe, its value plummeted by an alarming 96%, severely impacting its market capitalization, which had been approximately $17 million before the breach.
The chart detailing the sharp drop in NGL’s price highlights the severity of the attack.
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As a precautionary measure, they also paused the Entangle bridge while investigating further.
The Entangle team has confirmed that they have identified the cause of the breach and are taking necessary actions to address the situation. They assured the community that they are closely monitoring the incident to ensure stability moving forward.
Although the attack resulted in a loss of $250,000, the team remains optimistic about recovery, emphasizing their strong long-term vision and infrastructure. Entangle has asked for patience while they work on finalizing the solutions and promised to provide further updates as progress is made.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
