French Authorities Arrest Duo in Connection with Holograph’s $14.4 Million Hack – BitcoinWorld

• French authorities have arrested two people suspected of involvement in the $14.4 million hack of Holograph.

French law enforcement arrested and detained the men on August 9. They will soon be extradited to France to face trial.

Investigations into a multimillion-dollar hack on omnichain tokenization platform Holograph have begun to yield results, with French authorities arresting two individuals believed to be involved in the attack.

According to Following a tweet from the official Holograph X account, the Italian Anti-Mafia Investigation Directorate, in collaboration with multiple law enforcement agencies including Europol, the French Office for the Prevention of Cybercrime and the Paris Investigation and Intervention Brigade, has arrested suspects linked to the Holograph hack. Assets and electronics were seized during the arrests.

Arrests for holographic hacks

After an incredibly intense two-month pursuit by the French Office for the Prevention of Cybercrime (OFAC), BRI, @Europolthe Italian Directorate for Anti-Mafia Investigations, & @Politie_Cayman (RCIPS), we are pleased to report that several arrests have been made… photo.twitter.com/4ZF076tLkJ

— Holograph (@holographxyz) August 14, 2024

The Holograph Hack

On June 13, a cybercriminal exploited a vulnerability in the Holograph operator contract and created 1 billion HLG tokens worth $14.4 million.

HLG is the native token of the protocol. Within hours of the attack, the hacker converted the stolen assets to Tether (USDT) and ran off with the stablecoins.

On-chain analysts found data suggesting a rogue developer carried out the attack after preparing for it about a month in advance. The wallet address that received the minted supply was funded 26 days prior to the exploit.

The Holograph team quickly alerted law enforcement authorities and the investigation is still ongoing.

Law enforcement and cyber investigators have traced the attacks to two men in their 30s living in Italy. They were arrested and detained on August 9 and will soon be extradited to France to face charges.

Holograph said their names could not be made public based on instructions from French authorities and in the interest of further investigation.

“The broader investigation is still very fluid – the team will share more information about asset recovery for the Holograph ecosystem as the procedures develop,” the protocol added.

HLG rises 62%

The Holograph attack negatively impacted the value of HLG as the token dived 80% from $0.014 to a low of $0.0029 in less than ten hours.

The token’s market cap dropped from $22 million to $4.8 million and the value of stolen supply dropped from $14.4 million to $7 million.

Although HLG’s market cap is currently below $3.44 million, the token has reacted to the news of the arrests, rising 62% from $0.0016 to $0.0026.

At the time of writing, HLG was hovering around $0.0024, up 41% in the past 24 hours.