Cryptocurrency exchange BitGrail has gotten hacked and lost 17 million Nano/XRB, which are all of the funds that users had on there. As a result the price of XRB is tanking big time.
HACKED
The news comes from BitGrail's website itself and mentions how they have discovered that 17 million Nano/XRB have been transferred without authorization. In other words: stolen. They have contacted the relevant authorities. The basic gist of it is that they are insolvent and people who stored their XRB on the exchange are likely out of luck and out of XRB's.The Italian exchange BitGrail had other markets too, but it's XRB market was by far the largest and it was for a while the go-to place to buy the then-called RaiBlocks which later renamed to Nano. Later more exchanges, most notably Kucoin and Binance, also added XRB and BitGrail lost some of it's userbase but still had a significant portion of the XRB trading volume.
PRICE TANKING
The chart doesn't look good - the price is definitely tanking due to this news and it has dropped to $10. Fears are that the hacker will spend months liquidating the stolen funds, keeping the prices repressed, and people are jumping ship before that happens causing a price drop. Or perhaps the hacker is already dumping the funds?It's not unlike what happened to Mt. Gox back in the early days of Bitcoin. After the hack, it took all the way to 2016-2017 to climb out of the slump it got into. It's not sure if this will repeat itself with Nano, but it definitely is a great blow to the project.
That being said, since I was still building my stack of XRB, I just bought some on the cheap. Because the fundamentals didn't change, and my stack is small enough that I don't mind losing the money but if XRB comes back from this like Bitcoin did I will be glad I picked up another one for the cheap!
Take this as another reminder to not trust third parties like exchanges or wallet providers - always try to get as much in your own, secure control as possible. The threats and dangers are not exaggerated.
>> Click here to read the news on BitGrail <<
What a sad news! These hacks confirms that :
BTW, do you know if there is a direct relationship between RaiBlocks the project and this exchange ?
As far as i can tell there is no official relationship between the two, no. This is purely an error on Bitgrail's part and the Nano network is still secure
An update on the situation can be found here :
https://cointelegraph.com/news/bitgrail-exchange-asks-devs-of-stolen-coin-to-alter-ledger-to-cover-losses
Thank you @pandorasbox. Do you know how much does the stolen tokens represent of the total tokens? I mean is the amount significant enough to justify the price drop?
I have just checked the volume on binance. It had a big surge in the past 36 hours. About 5 million nano coins has been sold on Binance alone in this small period of time.
Yes a huge amount of XRB is being sold. I think there are 133 million tokens, and if 17 million got stolen that's like 15% of the entire supply of nano which is huge
And another exchanger got hacked...
I hope projects like airswap will realize their ideas of dezentralized exchanges soon!
Ty for your post!
Yes. We really need a good DEX. I wonder why don't we have a successful one until now ?!
Me too! So many DEX projects but so few of them work! i do like some of the new ZRX ones though, like Radar Relay.
This suck with so many trading exchanges problem lately.
Yep... can't trust exchanges, never could!
Another hack. Terrible news. I'll look to add some more nano as well. Thanks for the info.
Yep, hacks will forever be a problem in crypto I am afraid...
You're welcome!
This post has received a 0.36 % upvote from @drotto thanks to: @pandorasbox.