• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
BitGrail Exchange Hacked, $170 Million in Cryptocurrency Allegedly Stolen
Nexo

BitGrail Cryptocurrency Exchange Hacked, $170 Million in Nano Allegedly Stolen

Gregory Rocco by Gregory Rocco
4 years ago
in Altcoin News, News, News teaser
0

Popular cryptocurrency exchange BitGrail has reported a loss of 17 million Nano, valued at over $170 million at the time of the hack. However, conflicting reports are surfacing with some believing the exchange to be insolvent for a number of months.


The Hack is Revealed

In the past, BitGrail exchange was one of the largest trading hubs for the RaiBlocks cryptocurrency, which has since rebranded to “Nano.” A trip to their homepage redirects users to a news announcement that reveals an apparent hack.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to a statement on the BitGrail website, “unauthorized transactions” have been found on the exchange which has led to 17 million Nano being lost. All cryptocurrency operations have temporarily been suspended, and the authorities have been contacted to investigate the disappearance of the digital assets.

Dramatic Changes at BitGrail

Back on January 30th, BitGrail owner Francesco Firano announced on Reddit that KYC was to become mandatory on the exchange due to increasing regulatory pressure. What was originally a buffer-policy for increased withdrawals now became required on the platform.

Bitgrail is implementing KYC policy. Daily limits:
level 1 (unverified): 0.5 BTC
level 2: 1.5 BTC
The check may require up to 24 hours.

— BitGrail Exchange (@BitGrail) December 19, 2017

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

For a user to exit the exchange, they were required to liquidate to Bitcoin due to it being the only available asset to withdraw. This was the first red flag from the exchange due to the halting of all Nano deposits and withdrawals.

After that statement was released, the price of Nano quickly dropped from the $18 dollar range to a low of $12.89 before a quick recovery.

Users quickly began speculating as to the reasoning for the change in policy, with the most controversial theory being an exit scam. Some on the RaiBlocks subreddit even called for a class action lawsuit to combat the policy changes, as many non-European users had issues withdrawing their assets during the time of uncertainty.

However, everything changed once BitGrail publicly addressed their issues.

The Core Team Begs to Differ

20180211_Gavel

A statement from the Nano Core team reveals that the issue didn’t exist on the protocol layer, but rather was focused directly on the BitGrail exchange.

Just last Thursday, the core team was contacted by Firano in regard to a loss from the BitGrail wallet. According to a leaked conversation, 15 million Nano was reported ‘stolen’ by Firano, and a request was made to fork the chain. However, Nano developer Zack Shapiro pointed out the fact that the situation had been going on for months. It seems as though Firano was dealing with undisclosed issues of insolvency rather than an apparent hack.

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.

Firano has since taken to social media to attack the Nano Core team, and continue the narrative of the assets being stolen rather than the exchange proving to be insolvent.

NANO on BitGrail have been stolen.

Unfortunately there is no way to give it back to you at 100% (we only got 4 MLN XRN right now).

The devs, as you have guessed, dont want to collaborate

— Francesco The Bomber (@bomberfrancy) February 9, 2018

Market Effects

Nano price chart - CoinMarketCap

Once the news broke about the hack and issues of insolvency, the price of Nano dropped from $11.78 to $9.12 and has been on a general downtrend. The price of Nano may continue to drop as the investigation into the situation involving the missing asset continues.

Do you think BitGrail was hacked, or do you think that the exchange has been insolvent for months – let us know in the comments below!


Image courtesy of Flickr/@slgckgc, Flickr/@Thomas, and CoinMarketCap

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Gregory Rocco

Gregory Rocco

Related Posts

Shiba Inu

Shiba Inu Extinction: Finder Panel Predicts SHIB To Have Zero Value By 2030

9 hours ago
Terra

Terra – A ‘Pyramid Scheme’ – Threatens The Crypto Ecosystem, Billionaire Says

1 day ago
Getty Images

Getty Images Teams Up With Candy Digital In Foray Into NFTs

1 day ago
Robinhood

Robinhood To Roll Out Standalone Ethereum Wallet

1 day ago
Portugal

Portugal Stance On Taxes – Crypto Haven No More?

2 days ago
US Justice

US Justice Department Executes First Criminal Crypto Charge

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.