BitGrail insolvent? – 17 million nano worth 136 million euros were stolen
The Italian exchange BitGrail announced tonight that it was stolen 17 million Nano, which last night had a market value of almost 160 million euros. The question is whether the exchange can survive such a huge loss. According to own data Nano does not seem to have been compromised even by the attack.
Nano, before a rebrand known as Raiblocks, is traded on BitGrail, among others. Before the listing on Binance, most of Raiblock’s / Nano’s trading was done on the Exchanges Kucoin and BitGrail. For BitGrail this time seems to be over now:
At 9:30 pm yesterday evening, BitGrail wrote that 17 million nano were stolen. This corresponds to the slight price case last night a theft of 136 million euros! Since BitGrail is a much smaller exchange than Bitfinex, Binance or Bittrex, it is quite possible that the loss of this sum of exchange breaks the neck.
This also indicates that the Nano Dev Team was asked by Bitgrail already on the morning of February 8, if the blockchain lattice behind Nano could be changed in favor of BitGrails. This was not only rejected by Nano, but also presented as impossible.
It is clear that BitGrail is insolvent with respect to Nano: While in the database the Exchanges are attributed to the users over 19 million Nano, currently only four million Nano are in the wallet of the Exchanges.
The Exchange has contacted the police and tried to solve the problem. They are now, as written in a published chat log between the developers behind Nano and Firano written by BitGrail, the Dev team behind the cryptocurrency serious allegations:
Due to an xrb bug that caused the crash to crash, the attackers forced the system to make double payments. We want that the devs refuse to cooperate against the proposed solutions.
On the other hand, Nano emphasizes that this is not a double-spending attack. The next few days will show who is right on both sides. Overall, as always, it is recommended to draw coins that are not actively used for trading from Exchanges and save them in safe wallets.
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