Investing

BitGrail Exchange Hacked – 17m Nano stolen

BitGrail has officially confirmed the hacking and theft of 17 million Nano from their exchange. The missing Nano is valued at approximately USD $170m. The Nano Core team, however, disagrees.

The Hack

While there is no real information on a real hack, an interesting and controversial theory has popped up. In an official statement from the Nano Core team, where they also release communication between Francesco “The Bomber” Firano (Owner/Operator of BitGrail) and Colin LeMahieu the Development Lead at Nano (formerly RaiBlocks), Nano clarifies that the statement made by BitGrail that there an XRB bug made a node crash, which allowed hackers to force the system and double spend funds, is false.

The Conspiracy

Nano and other sources are now implying and alleging that Francesco Firano stole the funds himself and attempted to get Nano to modify the ledger to cover his losses, which Nano states “is not possible, nor is it a direction we would ever pursue.”

Nano then goes on to say:

These are pretty serious allegations, and there seem to be shots fired from both sides of the table, Nano categorically stating that it was not a technical issue on their end and BitGrail loudly crying hack!

It’s unclear at the moment which side may be right, or if both sides are wrong, what is clear however is that a lot of people are seriously concerned about recovering the funds that were lost/stolen. Firano has reportedly received thousands of death threats and is quoted saying that he has personally asked for a “fork operation”, with the intent to restore the losses of the users, not to cover up the incident as the coin developers wrote in their press release. “Their accusations against me are heavy. And I must say that they put me in serious danger.” His home address has apparently also been publicised.

Once news broke of the alleged hack, the price of Nano dropped from USD $11.78 to $9.12 and has further dropped to $8.60

Do you think BitGrail was hacked or do you think that, as Nano alleges, the company has been fighting insolvency for months? Comment your thoughts below!

 

 

Tiaan Wolmarans is a cryptocurrency investor and trader, airplane pilot, musician, and writer.

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