BitGrail

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BitGrail
Bitgrail logo.png
Headquarters Signa, Italy
Key People Francesco Firano aka “The Bomber”
Products Cryptocurrency exchange, esp. nano
Twitter @https://twitter.com/BitGrail
Website https://bitgrail.com/
Releases Company News

BitGrail is an Italian cryptocurrency exchange whose nano (or "XRB") cryptocurrency wallet was hacked on February 8, 2018. BitGrail halted trading and announced that 17 million nano (worth approximately $187 million) were missing.[1] Until shortly before the hack on February 8, nano had been known as RaiBlocks.[2] For the month prior to July 9, 2018, Nano was the 77th most actively traded cryptocurrency by U.S. dollar value of trades.[3]

Shortly after the hack was reported, the finger pointing started. On February 9, 2018 the nano developers published a report that the BitGrail owner, Francesco Firano, had asked them to alter the nano ledger in order to cover the loss.[4] Mr. Firano noted that the developers had recently distributed some changes to the nano blockchain protocol that were to be implemented by exchanges and he alleged that these changes rendered the currency vulnerable to hacking. At least one publication noted that the funds reportedly were stolen from a cold wallet - one stored offline - which would not have been vulnerable to problems in the protocol changes.[5] In April 2018, a class action suit was entered in a U.S. court against BitGrail and the nano developers committed to help fund the prosecution of the case. BitGrail has announced that it would make some compensation directly and would issue customers affected by the hack a new coin whose value over time should compensate for losses.[6]

On May 1, 2018 BitGrail announced that it would resume operations the next day. On May 2, BitGrail was forced to again suspend trading by the authorities. Then in June 2018, BitGrail reported that its holdings first of bitcoin and then of nano were seized by the Tribunal of Florence, which was hearing cases against BitGrail.[7]

References