BitGrail Failed, $170 mln in XRB Stolen

February 12, 2018

Italian crypto exchange BitGrail has declared bankruptcy after 17 mln XRB were thieved due to unauthorized transactions. According to BitGrail none of altcoins but XRB got affected. The platform representatives have filed an application for law enforcement agencies with investigation of the case circumstances starting afterwards.

To date the exchange has stopped paying in and withdrawing funds and it is still unclear how BitGrail is going to replenish the investors’ losses. Many feel concerned badly about their funds and expect more detailed information from the exchange officials.

Nano representatives have claimed, funds theft has nothing to do with the cryptocurrency protocol drawbacks. As the Nano team believes, the crash was likely to take place due to BitGrail software errors. They also added, Francesco Firano, the Bitgrail owner and operator, planned to make a hardfork to repair all losses. This made Nano members suppose the funds had been stolen far earlier, but it was only February 8 when it was made public.

Heavy criticism has been hailed on BitGrail in social networks. The users said, the exchange was into fraud and withheld the course of the December incident. First, the exchange ceased supporting withdrawal in Nano and offered doing it in Bitcoin, then the users were made to undergo verification. Yet these measures did not allow for customers to take their funds back.

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