Bitgrail Exchange losses $200million worth of Raiblocks (Nano)

Bitgrail, one of the biggest cryptocurrency exchanges that trades Nano has disable the trading of Nano due to a hack from a Bitgrail exchange account, this was made known in a statement from the president of Bitgrail exchange Francesco Firano “the bomber” who has confirmed this statement in an official statement made in a blog update on Thursday 8th where they told the Nano core team. The blog update also stated that the loop might be from the Bitgrail exchange software, as a norm, accusations and counter accusations followed. The Nano core team has accused Firano of not being transparent in the hack as no counter measures were taken to deal with this properly.

The Nano core team are currently investigating the matter to ascertain the cause and what could be the next possible line of action.  Currently over $200million worth of Nano is missing making it one of the biggest hack in history

In a press release by the Nano core team titled “Official statement regarding Bitgrail Insolvency”, the Nano team explain their take on the hack.

BitGrail is an independent business and Nano is not responsible for the way Firano or BitGrail conduct their business. We have no visibility into the BitGrail organization, nor do we have control over how they operate.”

But this claim has been accepted with an outburst of skepticism, propelled by recent suspicious development by BitGrail. In the wake of January, the exchange was reported to have temporary disabled all withdrawals and deposits of Nano and some other cryptocurrencies and token.

This was also followed by the announcement that BitGrail is enforcing identity verification and anti-money laundering protocols for its users, and would also block non-European users, despite the fact that it did not deal with government currencies or banks. According to some cryptocurrency news site, at least some users at that time were already suspicious that the site was preparing for an “exit scam,” this has caused panic among XRB hodlers and the price of Nano dropped by 10% on the news. Thanks to the support of community members, their support and mental disposition has been commendable. These leave lots of questions unanswered as to how secured cryptocurrency exchanges are and what does the future for it.

Leave a comment

%d bloggers like this:

My Newsletter

Sign Up For Updates & Newsletters