A criminal court in Paris, France, sentenced a Ukrainian man to five years in prison, including two years of actual imprisonment and three years of probation. Between May and August 2024, the man exploited a security vulnerability at his former company to illegally generate and steal 1 billion HLG tokens, worth approximately $14 million at the time of the crime.
The court found that the man illegally issued 1 billion HLG tokens by tampering with the platform's token generation conditions, transferred the tokens to his personal wallet, and then, along with two accomplices, dispersed the funds to multiple cryptocurrency exchange accounts. His two accomplices were sentenced to two years in prison (with 14 months suspended) and a fine of €80,000, and two years in prison with a suspended sentence and a fine of €40,000, respectively.
The court rejected the Holograph Foundation's request for compensation for losses incurred due to the token price crash. Following the incident, the price of HLG plummeted from nearly $0.03 in May 2024 to $0.001 by the end of December of the same year. (Source: tv5monde)
