Three people are being tried before the Paris criminal court for a crypto fraud estimated at 12.5 million euros. They are suspected of having fraudulently created one billion HLG tokens, the cryptocurrency of the Holograph protocol, between May and August 2024. The main defendant is a Ukrainian former developer of Holograph who allegedly exploited his former access to the protocol to issue these tokens before distributing them across several exchange platforms with his two alleged accomplices. This manipulation caused the HLG price to collapse by nearly 80% within a few hours on June 13, 2024. The company Holograph, based in the Cayman Islands, is now completely shut down and preparing liquidation to repay its creditors.
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