NANO HACK UPDATE and SBD giveaway
Bitgrail; The day after tomorrow
This is an update on the most important advancements regarding to Nano (former RaiBlock) and the last news about what happened and what is known so far. For the first impressions and the most important links, go to my previous post.
Latest News
The main thing is knowing how the Dev team reacted to the news released last week about the Hack. Being today Monday and with some days ahead of the shock we can mark the trail.
-1. Nano's first reaction
On the same day of the Insolvency update there was a press release from the Dev team, to access it press here
We now have sufficient reason to believe that Firano has been misleading the Nano core team and the community regarding the solvency of the BitGrail exchange for a significant period.
So the team confirmed that they believe, based on some facts we will see later, that Firano, Bitgrail's CEO was giving false information, and that he was aware of the situation since some time already. It is critical to take note of this, since accusations started to fly around, between the involved company, the Dev team and the community.
The team also makes clear that the problem was not on Nano code, instead on Bitgrail's software.
The team made the above statement a pinned Tweet on @nanocurrency which is the official acc. in Twitter.
-2. Some extra wood for the fire
After the first communication, and with a plus of some days to further investigate the matter, the Nano team came with more information. Using again the "Medium" platform it was released the following link.
The account mentioned is this one if you feel like testing your inner Sherlock, and maybe find something new, you could quickly check the transactions and dates mentioned by the dev team.
So, out of the 17M Nano reported lost by Firano, almost 10M were gone back in October 2017. So more than half has been lost for already three months by the time the rest was lost, and then the CEO decided to make the announcement public.
From the same report, one could easily trace the trx hash and see how the recipient's accounts start to separate the funds further into different accounts, hence, making the trail much more challenging to follow.
One example would be, one of the "bbjb" XRB named account in the report, makes a transfer to several accounts. The latter on return, send in November, half a million XRB see hash. If you follow the money, you will see that this amount is divided in smaller trxs. for a value of 50K each.
-3. Firano Cirano
I do not want to review much BG's CEO since I sense that he was quite aware long time ago, and he was just buying time. How much involved he was is to be seen, I would not like to make empty accusations. The problem is that by the time of the release of the news, XRB was trading at around USD 15, which means that 255M are gone in the course of a few months, with no previous warning.
His last Tweet on the matter is;
Francesco The Bomber
@bomberfrancy 11 feb.
@nanocurrency After your libelous announcement against me yet false and misleading for the investigations, since you decided to share sensitive info without my acknowledgement, i invite you not to contact us anymore.
This is one of the reasons why regulation is needed, and we know that Hackers are getting wiser; still, this should not be an excuse for such negligence. We hope that we see on this 2018 a bigger bet on security measures, in just two months with Coincheck and BG cases almost 1Bn USD were lost to hackers!!! **We are talking about ordinary people's money, many who saw their dreams of a better life entirely shattered. **
-4. I would love to know your opinion on this!!!
- Did he (Firano) know already?
- Is this loss of funds, related to the previous announcement related to the KYC asset freeze we saw a week before the Hack?
- Were you affected by this Hack?
- How do you think it will impact Nano in the long term?
- What is the best solution to avoid this in the future on the client side?
Leave your comment below to participate in a quick raft for 1 SBD for the chosen comment (an automatic random number picker tool will be used for this).
The SBD will be awarded within 7 days after the publication. To join the raft, just leave your comment and place a number in the order of your comment (i.e., 1 for first comment, 2 for the second, and so on).
Upvotes are appreciated but are not mandatory.
For some inspiration try to answer some of the questions in point 4.
Be safe and start putting your assets in hard wallets, avoid by all means keeping your money in wallets where you have no control of the private keys
I use and vouch 100% for SmartSteem!
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Lol Nano is a shitcoin, I would not invest 1 dollar in Nano.
Let's agree to disagree, a fast and free transaction cannot be considered that way in my view. If you want to participate for the 1 SBD giveaway just put a comment # same as @stevensteel please :)
I wasn't affected but I know what it's like to lose hope for a better life as they all got it with Nano.
As for Firano, I see this as very suspicious because you can see the steps to big fraud since 2017, and this was already seen coming in it.
The Nano will lose complete confidence and lose thousands of followers to this event because they will live with the distrust of being robbed again.
The best solution is to protect your wallets even more, since in this way you can win and lose because nobody would like to lose money, but all this is based on the confidence and reputation of customers to become big contenders of the blockchain.
Thanks @venuss23 for your comment and indeed is a pity for Nano, at the end it is a good project!
(6) Nano is what Bitcoin should've been doing at the beginning of time. Shitcoins wouldn't have existed nowadays.
Well, is hard to see that from today's perspective, no? Like if you were 10 years ago maybe BTC would sound too good to be true, problems started when actual people start using it as a measure of value and exchange for goods.
Still, there will be always competition.
Thanks for your comment! Good luck at the raft.
You seem to have an army of bots following you. LOL! Kidding aside, I modified my comment since markdown didn't seem to work--it displayed a number of 1 instead of 6. Might be a ground for disqualification. WTF
haha yap I will be more straight next time regarding entries for the contest lol.
The whole Bitgrail fiasco was a shitshow, and it teaches us the dangers of keeping our coins on exchanges. I am lucky that I withdrew all my NANO from Bitgrail just days before this whole thing went down. To all my fallen comrades: condolences.
Comment #2
Indeed, and also, when the first fiasco happened people should've tried by all means to take the coins out. Of course, he knew it already so he invented the whole KYC lie.
Thanks for commenting Steven! You are the only one who read the whole article apparently. People is so rich over here that no one wants 1 SBD.
Yeah - Bomber did that just to cover up his ass but he can only lie for that long.
No worries. I'm always happy to see quality content on Steemit - thanks for putting these out @santana33!
P.S.: Noooo not everyone here is rich - I'm poor AF hahaha
Thanks for this!!
For what? :)
Luckily i wasn't really affected. I bought some rbx when Nano was added to Binance. Since than hoping for an upward trend.
Even if Firano is in it some how, i don't know how Nano can repair the massive damage and gain trust again.
A reimbursement like with Coinchecks hack and NEM is probably not even on the radar.
That's good to know you were out. Firano is the only responsible in my view, he just used XRB to cover other coins exploits by some users, the thing was going on for months most probable.
I think XRB does not have a chance to make a HF to reimburse investors.
Thanks for commenting!!!
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