French Authorities Arrest Suspects in Major Crypto Hack

French authorities have arrested several individuals linked to the June 13 cyberattack on the Holograph protocol.

The hack, which targeted the tokenization platform co-founded by Jeremy Kerbel, led to the theft of HLG tokens valued at $14.4 million.

The arrests came after a two-month investigation led by France’s cybercrime unit, OFAC, with support from international agencies such as Europol, the Italian Mafia Investigation Directorate, and the Royal Cayman Islands Police.

The attackers exploited a flaw in Holograph’s system to generate 1 billion HLG tokens, significantly impacting the market and causing a nearly 80% drop in the token’s value within hours.

READ MORE:

Ransomware and Hacking Soar in 2024 as Overall Crypto Crime Declines Sharply

The suspects, captured in Italy, had their assets and electronic devices seized. They are expected to be extradited to France for trial. Holograph revealed that the breach was executed by a former contractor with detailed knowledge of their system.

Authorities are continuing their efforts to prosecute those involved and address similar cyber threats in the future.

Holograph Hack Arrests

After an incredibly intensive two-month pursuit by France’s Office for the Prevention of Cybercrime (OFAC), BRI, @Europol, the Italian Directorate of Anti-Mafia Investigations, & @Policing_Cayman (RCIPS), we’re grateful to share that multiple arrests have… pic.twitter.com/4ZF076tLkJ

— Holograph (@holographxyz) August 14, 2024

Alexander Stefanov