Johnson and Lindenstrauss (Contemporary Mathematics, 1984) showed that for $n > m$, a scaled random projection $\mathbf{A}$ from $\mathbb{R}^n$ to $\mathbb{R}^m$ is an approximate isometry on any set $S$ of size at most exponential in $m$. If $S$ is larger, however, its points can contract arbitrarily under $\mathbf{A}$. In particular, the hypergrid $([-B, B] \cap \mathbb{Z})^n$ is expected to contain a point that is contracted by a factor of $κ_{\mathsf{stat}} = Θ(B)^{-1/α}$, where $α= m/n$. We give evidence that finding such a point exhibits a statistical-computational gap precisely up to $κ_{\mathsf{comp}} = \widetildeΘ(\sqrtα/B)$. On the algorithmic side, we design an online algorithm achieving $κ_{\mathsf{comp}}$, inspired by a discrepancy minimization algorithm of Bansal and Spencer (Random Structures & Algorithms, 2020). On the hardness side, we show evidence via a multiple overlap gap property (mOGP), which in particular captures online algorithms; and a reduction-based lower bound, which shows hardness under standard worst-case lattice assumptions. As a cryptographic application, we show that the rounded Johnson-Lindenstrauss embedding is a robust property-preserving hash function (Boyle, Lavigne and Vaikuntanathan, TCC 2019) on the hypergrid for the Euclidean metric in the computationally hard regime. Such hash functions compress data while preserving $\ell_2$ distances between inputs up to some distortion factor, with the guarantee that even knowing the hash function, no computationally bounded adversary can find any pair of points that violates the distortion bound.