BitGrail Cryptocurrency Exchange announced bankruptcy after theft of more than $170 million


BitGrail, the Italian crypto-exchange, claims theft of 17,000,000 XRBs (Nano/RaiBlocks) as a result of “unauthorized transactions,” which is more than $ 170 million at the current market rate. The loss of funds led to the fact that the exchange announced bankruptcy.

As stated in the statement on the BitGrail website, the Exchange management has already applied to law enforcement agencies, and the relevant investigation of the incident is already underway.

Other currencies that were on the exchange’s accounts were not affected, however, for security purposes, the input and withdrawal of funds were frozen. At the moment, the exchange has not announced how it plans to compensate for losses of investors, promising to make new announcements in the near future.

In the meantime, representatives of Nano also issued a statement emphasizing that the theft of funds could not be made as a result of a mistake in the cryptocurrency protocol, as claimed by the owner and operator BitGrail Francesco “The Bomber” Firano.

Also in the message Nano it is said that Firano offered cryptocurrency developers as one of the options to conduct hardfork. In addition, representatives of Nano believe that the funds could have disappeared some time ago, but only became known on February 8.

“We have good reasons to believe that for a long time, Firano has misled the Nano Core team about the solvency of BitGrail,” Nano said in a statement.

Users of social networks also accuse the exchange of fraud and deliberately conceal the incident, which occurred in December. As far as we know, initially the exchange simply stopped Nano output, offering instead a conclusion in bitcoins, and then demanded from all users to pass verification. But even after that, users could not get their money.

Recall, previously hacked Japanese crypto-exchange Coincheck reported that on February 13 will resume withdrawal of funds.

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