Two individuals suspected of orchestrating a $14 million cryptocurrency heist from blockchain tech firm Holograph have been apprehended in Italy, according to Italy's national police force, Polizia di Stato.
The suspects, believed to be responsible for a hack and subsequent money laundering, were residing in a lavish villa in Salerno. The arrests were the result of an extensive investigation conducted by Italian law enforcement in cooperation with the French National Police, who had been tracking the cybercriminals for several weeks.
Holograph, Cayman Islands-based cryptocurrency exchange and WEB3 platform suffered a cyberattack on June 13, 2024, when malicious actors exploited a flaw in the platform's smart contract. The vulnerability allowed the hackers to mint 1 billion HLG, Holograph's proprietary token, and withdraw the amount across nine transactions. At the time of the heist, the stolen tokens were valued at $14 million.
Holograph had previously said that the hack was executed by a former technical contractor and developer with insider knowledge of the platform’s protocols. Following an international investigation, two suspects were arrested. They are currently being held in Salerno prison, awaiting extradition to France. The other two suspects remain under investigation but have not yet been detained.
During the operation, authorities seized crucial evidence, including private keys to cryptocurrency wallets, codes, ledger keys, and various electronic devices. The items will undergo thorough examination as part of the ongoing investigation.