If you have heard of BitGrail, you probably know that it (was) the fifth most popular exchange for trading Nano (XRB) according to Coinmarketcap. However, the volume of XRB has now been amended to zero, which means that the exchange lost around $170 million worth of Nano coins.
The Nano Core team was obviously informed about this by the owner of the exchange himself. In a blog update, the company said that the fault is due to BitGrail’s software. However, in private correspondence the owner inquired as to the possibility of modifying the ledger to cover the losses.
The blog posts, however, unclearly states the legitimacy of the hack. It states:
“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.”
BitGrail’s team also pointed out to the criminal investigations going underway.
“Our team promptly contacted law enforcement and we are fully cooperating with law enforcement on this matter….We are preparing all information we have on the matter such as blockchain entries, screenshots, and chat logs”
According to some unofficial sources, the exchange had been insolvent months earlier. So, the nature of the entire case does not look natural according to many people – and even Reddit users who have been making comments about the entire situation. Some of them even lost thousands of dollars in the ‘hack’ but are unsure how everything happened.
Users are reporting issues and expecting a further investigation about this case.
The Market Is Still Dominated By Centralized Exchanges Despite The Increase In DEX
Saudi Arabia And UAE Officially Launched A Pilot Cryptocurrency
‘’The virtual currency relies on the use of a distributed database between the central banks and the participating banks from both sides. It seeks to safeguard customer interests, set technology standards and assess cybersecurity risks. The project will also determine the impact of a central currency on monetary policies.’’The financial institutions in the countries have thoroughly studied the blockchain technology and are hoping to have great benefits. Back in December 2018, UAE’s Securities and Commodities Authority recognized ICOs as securities and they also announced to be working on a regulatory framework for 2019. UAE’s Emirates Islamic Bank also tested the blockchain and even started submitting cheques on a blockchain named ‘’Cheque Chain’’ and since it has proven to be successful, the bank registered one million cheques in 2018 in only a month.
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
“Bitcoin Is The Only Blockchain That May Exist For The Next 100 Years” : Alistair Milne
“The probability that Bitcoin matches its ATH [all-time high] price again and doesn't then continue past it seems very low. Each wave of adoption is an order of magnitude bigger than the last,” Milne wrote in the Twitter thread that he started on Saturday.Meanwhile, Bitcoin suffered another drop which took it below $3,500, giving less optimism to traders hoping for a new bull run. The new downturn has led to many accusations from high-profile economics figures. However, Milne continued expressing his optimism and said:
“The next bull run will decide which public blockchains persist for the next 100 years. I believe Bitcoin is currently the *only* sure thing[.]”Aside from this, Milne also highlighted the interest by institutional investors and labeled Bitcoin's profile as the "gold 2.0" in the next round of adoption.
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