A major hack has shaken the Entangle (NGL) ecosystem, leaving investors in shock as the token’s value plummeted by 96% within seconds. The attack, which targeted the NGL token’s custom bridge contract, has raised concerns about the security of cross-chain protocols and the long-term future of the project.
The price has partially recovered from $0.0013 to $0.007, but it’s still nowhere near the $0.03 it was trading at before the attack.
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A Rapid Collapse
In the early hours of March 9, Entangle’s NGL token suddenly nosedived. Before the attack, its market capitalization was around $17 million. Within moments, nearly all of that was wiped out. The cause? A security exploit that allowed an attacker to mint 13 billion NGL tokens out of thin air and exchange them for WETH, a widely used Ethereum-based asset.
This type of attack isn’t new in the crypto space, but what made it particularly brutal was how quickly it unfolded. Investors had no warning. By the time people noticed what was happening, the damage was already done.
The Team’s Response
Shortly after the attack, the Entangle team posted an urgent message on X (former Twitter), confirming the breach and stating that immediate measures were being taken. The first step was to pause all NGL token transfers to prevent the attacker from minting more tokens.
The developers also reassured users that the exploit was limited to the NGL token’s bridge contract and did not affect the core infrastructure of Entangle. This means that while the token itself suffered a massive hit, the broader ecosystem – including its partner tokens and the project’s core functions – remained operational.
However, this hasn’t calmed fears completely. Many investors have expressed frustration and concern over whether Entangle can recover from such a devastating loss of trust.
What Happens to the Stolen Funds?
The estimated loss from the hack stands at around $250,000. That number might seem small compared to some of the biggest crypto hacks in history, but it’s still a significant amount, especially for a project that had been in a growth phase.
The good news? Some of these funds are reportedly in the process of being frozen. Crypto exchanges often cooperate in cases like this, blocking suspicious transactions when stolen assets are detected. If the stolen NGL tokens can be traced and burned, there’s a chance that some of the damage can be reversed.
Can Entangle Recover?
The Entangle team has promised a full investigation and a detailed report on how they plan to move forward. They’ve also reassured the community that their long-term vision remains intact.
That said, investor confidence is a fragile thing. When a token loses nearly all of its value in an instant, people naturally start questioning its future. Some investors are hopeful that quick action and transparency will help Entangle bounce back, while others believe the damage is permanent.
Final Thoughts
For Entangle, the next few weeks will be critical. If they can provide a solid security update, work with exchanges to recover stolen funds, and reassure their community, they might have a chance to regain trust. If not, this hack could mark the beginning of the end for the project.
The Bybit hack, where $1.5 billion was stolen, was the biggest hack in crypto history. If you’re interested in how that happened and what went wrong, check out our full breakdown in this article.
