Suspected hackers who stole $14,000,000 worth of cryptocurrency from blockchain tech startup Holograph were captured in Italy after spending weeks living in luxury
After spending weeks living in luxury, suspected hackers who stole $14,000,000 worth of cryptocurrencies from blockchain tech company Holograph were apprehended in Italy. The Polizia di Stato, the national police department of Italy, said over the weekend that four people who are accused of money laundering and cybercrime had been residing at an opulent Salerno property. Holograph is a web3 platform and cryptocurrency exchange situated in the Cayman Islands that promotes interoperability within blockchain ecosystems.
The tokens were worth $14 million at the time, but their value fell by more than 80% within hours after the incident. Prior to now, Holograph has verified that the hack was executed by a former developer and technical contractor who had inside knowledge of the workings of the protocol. For several weeks, law enforcement tracked down the alleged cybercriminals with the help of the French National Police, keeping an eye on their opulent lifestyle in Italy.
Two of the four were apprehended thanks to European arrest orders; they are currently being held at the Salerno prison as they await extradition to France. Although they were looked into, the other two are still at large. In addition, the police operation identified and confiscated codes, ledger keys, private keys for cryptocurrency wallets, and other electronic equipment that the cybercriminals were using.
These will be inspected in order to find any evidence that may help with the investigation. Now that the police have access to the cryptocurrency wallets containing the revenues, it is likely that at least the remaining stolen money will be restored to Holograph. The price of HLG has increased by 59.4% over the last week and by 28.3% over the last 24 hours after the arrests were announced. Still, its present worth is lower than pre-hack levels.
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