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The Rising Tensions Between Nano and BitGrail

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February 15, 2018 | 

828 Views | 

Joanna Newman | 

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Crime is something that has been around since the dawn of time. It has simply changed and evolved throughout the course of history.

Today, cybercrime is one of the most popular forms of criminal activity and with cryptocurrency’s continuously rising market cap, it’s no wonder it’s been attracting the attention of organized crime. One of the most recent cyber-heists saw hackers steal approximately 17 million Nano tokens (XRB) from the Italian exchange platform, BitGrail

Growing Suspicion Surrounding BitGrail


With a current trade value of about $12 USD, the number of tokens that were stolen was worth more than $180 million USD. Formerly known as Raiblocks, Nano has been one of the most successful cryptocurrencies of 2017. In less than one months’ time, it’s price soared from a meager $0.20 USD to $35 USD. That’s a 17,5000% gain in only a few short weeks.

BitGrail, a smaller exchange platform, is one of only a few who’ve decided to accept the Nano (XRB) token. The platform also trades other cryptocurrencies, but none have been nearly as popular as Nano. After its value soared in December, the company suddenly found itself in charge of millions of dollars’ worth of assets.

According to some theorists, the temptation may have been too much for the company to handle and the company may have taken it for themselves before declaring bankruptcy.

However, at this point, there are still a lot of blurred lines surrounding the investigation.

Who Is Going to Take the Blame?


Currently, there has not been much information released about the incident, however, the investigation is still underway.

On some online social media networks, namely Twitter, both companies have been putting in their two cents on the subject.

After the incident took place, BitGrail’s owner, Francesco Firano, stated that the “transactions were unauthorized” and this means that the problem would have come from Nano’s system.

However, after being informed of the events of February 8th, Nano’s team of developers put out a press release explaining that they have reason to believe that Francesco Firani had plans to declare bankruptcy before the events took place. Moreover, all transactions involving Nano were mysteriously frozen right before the attack took place.

In a recent exchange with Nano, Firani suggested a hard fork. Like all other virtual currencies, it could be possible for the company to use this method to recover their stolen assets. However, Nano firmly refuted Firani’s ideas and clearly have no intention of taking any of the blame.

In January, Coincheck was also hacked. The exchange lost more than 400 million dollars’ worth of NEM but graciously reimbursed its investors with the company’s own funds afterward. In BitGrail’s case, the company has not yet made any comments about any type of reimbursement.

Impossible to Replace Stolen Nano (XRB)


BitGrail has recently updated their site and announced that they have made a formal complaint to the authorities about the hacking, however, they claim that the fault is not theirs. They have also filed a lawsuit against Nano for defamation of character.

In a recent interview, Francesco Firano aka “The Bomber”, reassured the public that his company has nothing to hide and that they are doing everything they can to solve the problem. He also claims that all claims against him and BitGrail are completely unfounded and defamatory.

In the interview, to show his good faith, Firano even shared excerpts of his exchange with Nano, notably his request to proceed with a hard fork. According to him, without Nano’s cooperation, it will be impossible to be able to recover any of the lost funds.

On the other hand, Bitcoin has recently seen an increased in value and climbed to about $9300 USD. But still, discussions are open and nothing has been decided on how to proceed with fixing the problem.

Since the attack, Nano has been in a steady decline and today, according to CoinMarketCap, it’s value is at a meager $9 USD.

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