BitGrail Loses $170 Million (17 Million Nano) In One Day

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.