Paris court convicts ex-employee for stealing 1 billion HLG tokens worth $14M in 2024 - Pluang
A Paris court sentenced Vitaliy K., a former Holograph Foundation employee, to five years in prison for illegally minting and stealing 1 billion HLG tokens worth $14 million in 2024.
The court found Vitaliy K. guilty of fraud, money laundering, and unauthorized system access. Two accomplices were also convicted in connection with the scheme. The Holograph Foundation's claim for compensation was rejected as the token's price had already fallen significantly before the theft occurred.
Foundation's Future
Following the conviction, the Holograph Foundation is now preparing for liquidation, leaving HLG token holders with bleak prospects for recovery of their investments.
Market Context
The case provides context for broader cryptocurrency market activity. As of November 8, 2026, out of 50 major cryptocurrencies priced on Pluang, 10 rose while 39 fell. Notable movers include KSM (Kusama) at Rp58.383 with a -2.97% change, ATOM (Cosmos) at Rp24.527 with a -2.91% change, and BAT (Basic Attention Token) at Rp2.211 with a -2.88% change.
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