Lawsuit filed against Nano, while drama unfolds for Bitgrail Exchange

Further drama unfolds, in the Bitgrail Nano hack, new lawsuits filed, while foundation supports victim fund

Marcus Zallman
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In February 2018, Italian exchange Bitgrail was hacked and the exchange lost approximately 17 min Nano (XRB) tokens ($187mln), which was subsequently frozen from being exchanged.  In a recent announcement, according to a Nano Foundation blog post, the foundation has announced that it will sponsor a legal fund to help provide the victims of the hack a means to purse legal action against Bitgrail's potential insolvency.

In a statement, the Nano Foundation has said;

“As a result, we are announcing today that Nano will be matching the contributions of the victims to the legal fund established by Mr. Enger — including both past and future donations, for up to $1 mln — with a goal of establishing a total legal fund valued at $2 mln.”

Additionally, Nano Foundation, has also stated that they believe that evidence “points to a bug in BitGrail’s exchange software as the reason for the loss of funds,” which Bitgrail denies.

Bitgrail's founders, have been in a state of emergency since the hack, with founder Francesco Firano initially saying that the exchange would not close down, and that the company would compensate victims for the stolen XRB coins…however the exchange refuses to accept responsibility for the hack, and have laid fault directly at Nano’s software.

“Those grounds are alone sufficient to relieve BitGrail S.r.l of any refund obligation and/or repayment of the stolen amounts,” the statement adds.

Yesterday, a lawsuit has now been filed by Alex Brola on behalf of Nano/Raiblocks investors, who are targeting Nano’s core team, Colin LeMahieu, Mica Busch, Zack Shapiro, and Troy Retzer. The lawsuit alleges that the defendants violated federal securities laws and mislead investors into using Bitgrail exchange to trade and store their assets.

While this drama unfolds, it is clear that further lawsuits will be filled, and it remains unclear if Bitgrail will attempt to setup a new token, to ‘pay back’ the current 1400+ victims, as previously reported, or if the exchange would shut its doors down permanently and end up in court.