Bitgrail Cryptocurrency Exchange Hacked For 17,000,000 Nano (XRB), Claims Insolvency

in cryptocurrency •  last year 




According to an official statement on their website, Bitgrail has closed up shop as a result of a massive hack on one of their Nano - the currency formerly known as RaiBlocks - wallets.

While cryptocurrency exchanges are obvious targets for hackers, this is the first hack of this scale in quite some time. Ever since the infamous Mt Gox hack of 2013, exchanges have been "relatively" safe.

But with the growing value of cryptocurrency, these fledgling companies are at greater risk for manipulation by hackers.

Nano's core team left an official statement on their Medium blog regarding the matter:

We had no knowledge of BitGrail’s insolvency prior to February 8th.

In our conversation yesterday (which you can find attached here, this link has been edited to redact a private email.), Firano informed us of missing funds from BitGrail’s wallet. An option suggested by Firano was to modify the ledger in order to cover his losses — which is not possible, nor is it a direction we would ever pursue.

BitGrail is an independent business and Nano is not responsible for the way Firano or BitGrail conduct their business. We have no visibility into the BitGrail organization, nor do we have control over how they operate.

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 of time.

As the cryptocurrency market watched its flagship coins drop in value by over 50% in the past month, news of this hack could serve to further deter potential investors from dipping their toes into the crypto pool.

The rest of us will be hodling.

What do you think about the latest hack?

Sloppy management from #Bitgrail or a coordinated attempt by the Federal Reserve to undermine the legitimacy of #cryptocurrency?

Let me know in a comment!

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Great post.

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Nice post also check mine

You got a 22.99% upvote from @bid4joy courtesy of @yallapapi!

This is really sad news. I feel bad for the people who had Nano on Bitgrail.

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  ·  last year (edited)

And that's Putin again? ))

"While cryptocurrency exchanges are obvious targets for hackers, this is the first hack of this scale in quite some time. Ever since the infamous Mt Gox hack of 2013, exchanges have been "relatively" safe."

Sorry, but this is not true with first hack of this scale since MT Gox. Coincheck lost more then 500 Million USD during the hack last months and try to refund at least a big part of it. I wrote about it some weeks before: https://steemit.com/cryptocurrency/@cantdecide/coincheck-refunds-customers-after-more-then-500-million-usd-got-stolen

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i think this hack will make interested parties more reluctant in investing big time

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