Three people have been on trial since October 16 before the Paris Criminal Court in the Holograph case, accused of fraudulently creating one billion HLG tokens valued at approximately 14 million dollars at the time of the facts. The main defendant, a former Ukrainian employee of Holograph Foundation, a company based in the Cayman Islands, allegedly modified the token creation rules between May and August 2024 before transferring them to his own wallet with the help of the two other defendants. Arrested in Italy and handed over to French authorities, he has been detained since September 2024 and faces charges including unauthorized access to automated data processing systems, fraud, and organized money laundering. The HLG price collapsed from 0.03 dollar in May 2024 to approximately 0.001 dollar by late December, and the Holograph company is now preparing for liquidation.
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