Hacking News
Former Holograph Foundation Employee Sentenced for HLG Token Theft
A former employee of the Holograph Foundation, Vitaliy K., has been sentenced to five years in prison by a Paris criminal court. The employee is accused of tampering with minting rules for HLG tokens, creating and stealing 1 billion HLG tokens valued at approximately $14 million. The court found Vitaliy K. guilty of unauthorized access to an automated data processing system, organized fraud, money laundering, and membership in a criminal association. The conduct occurred from May to August 2024, during which the minting rules were illegally modified to allow for the creation and theft of 1 billion HLG tokens. The Holograph Foundation sought compensation for losses, but the court dismissed the claim due to causation issues.