Italian Crypto Exchange BitGrail loses $170 Million in NANO cryptocurrency currency

[think-n-ink]

One of the largest cryptocurrency exchange of Italy BitGrail looses around $170 Million worth NANO Cryptocurrency via unauthorized transactions. BitGrail owner F. Firano claimed that the bug was with NANO software that enabled double spending problem without the exchange noticing. Later BitGrail added they can't refund 100% of what users lost.

Comments

[cryptoiceman]

Are they forced to shut down yet? That was a big hack

[think-n-ink]

Not yet... BitGrail create something BGS token to reimburse NANO Cryptocurrency victims.

[cryptoiceman]

Thats cool, hope not that many people got hurt.

[coolisland]

Sorry but I disagree that issuing BGS is a fix. Everyone should avoid Bitgrail at all costs as you can not be certain of any level of trust. The proposal of BGS is completely flawed.

The trouble will be that when Bitgrail opens their markets new users will be unaware of the history and likely to buy BGS in the hope that they will be bought back at the stated US$10.50 price. Refer to the announcement

This is an absolute scam attempt. Refer to my post yesterday for my view but the price of BGS will plummet and the only likely outcome is new users will suffer as the XRB holders look to get their funds off Bitgrail as quickly as possible.

Any low XRB holders are likely to also be rorted by the high withdrawal fees. This is a play by Bitgrail and they should be put out of business.

Bitgrail statement:

Those grounds are alone sufficient to relieve BitGrail S.r.l of any refund obligation and/or repayment of the stolen amounts.
However, as further demonstration of the good intentions and seriousness of the company, in order to meet its users half-way though without recognition of any liability, BitGrail S.r.l intends, on a voluntary basis, to establish a cash fund (by creating a token) dedicated to the users damaged by the theft. Doing so, they'll be enabled to recover their stolen funds over time.

Read the chat transcript between Bitgrail and the Nano team. Bitgrail have released no evidence to support their claim of a Nano flaw and nobody else has been able to exploit Nano before or since. There is a stink to the whole story. Bomber tries very hard to trap Nano during the chat by trying to get them to admit to flaws that will back his story!