Wu Blockchain

Former Holograph Foundation Employee Sentenced to Five Years for Illegally Minting $14M in HLG Tokens

A Paris criminal court sentenced a former Holograph Foundation employee to five years in prison, with two years to be served and three years suspended, for illegally minting 1 billion HLG tokens worth approximately $14 million in 2024. The defendant manipulated token minting conditions and transferred the tokens to personal wallets, working with two accomplices to move the proceeds through crypto exchanges.

The accomplices received suspended or partially suspended sentences and fines of €80,000 and €40,000. The court rejected Holograph Foundation's compensation claim over the token's price decline, citing insufficient evidence of a direct causal link.

Michael Dempsey: Young People Fall Into Speculation Before Understanding Compounding

Compound managing partner Michael Dempsey @mhdempsey said in an October 19 interview with Empire that gambling should be restricted to those aged 26 and older, arguing that young people get caught up in speculation before understanding long-term growth and compounding.

He admitted funding part of his living expenses through sports betting in college and trading options since age 18, yet now strongly opposes prediction markets and excessive gambling. Dempsey criticized the obsession with short-term gains and the declining desire to create things. While acknowledging the effort involved in meme coin trading, he questioned its intellectual value, joking that using Pump fun might be 100 times worse for your brain than using ChatGPT every day.

OKX Founder Star Advises Users to Avoid Direct MEXC Transfers as Compliance Controls Tighten

OKX founder Star advised users to temporarily avoid transferring funds directly from MEXC to OKX. Following FinCEN's special measures against MEXC, OKX has proactively tightened its compliance controls, applying a level of caution similar to that used for financial sanctions. Funds originating from MEXC may be frozen pending review, and related accounts may face further investigation.

Coinbase CEO: North Korean Hackers Seek Remote Jobs to Infiltrate Crypto Firms (ARCHIVE FOOTAGE)

Recent crypto platform hacks have renewed attention on North Korean infiltration tactics. In an interview with Stripe @stripe on August 20, 2025, Coinbase co-founder and CEO Brian Armstrong @brian_armstrong said many North Korean operatives were seeking remote jobs at crypto firms, some receiving off-camera coaching during video interviews.

Coinbase responded by requiring in-person US orientation and stronger identity checks for sensitive system access. He also revealed that attackers had offered support staff hundreds of thousands of dollars to smuggle in phones and photograph screens. Coinbase tightened support staff access and offered a $20 million reward for information leading to the arrest or conviction of those responsible.

Binance Names Justin Yek New CFO as Kaiser Ng Plans to Leave

According to Bloomberg, Binance has appointed Justin Yek as its new chief financial officer (CFO), replacing Kaiser Ng, who is leaving to pursue a new venture. Binance co-CEO Yi He said Ng had been with the company for more than five years and that a transition plan had been in place for the past six months. Yek previously served as vice president of finance at Airwallex and head of Southeast Asia technology investment banking at Morgan Stanley. Ng previously served as CFO of Kraken.