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BitGrail in Hot Water, Italian Court Demands the ‘Lost’ $170 million

In a new low for the defunct BitGrail, an Italian Court has demanded the bankrupted exchange to pay up the ‘lost’ $170 million. In January 2018, BitGrail had been hacked of $170 million in Nano which was earlier known as Raiblocks. As per various cryptocurrency reports, the Nano was worth $14 million but when the loss occurred, it would have been valued about $600 million.

Francesco Firano, the Founder of BitGrail had earlier suggested that he will modify the ledger to cover his losses. He blamed the Nano development team for security issues that led to it being hacked. However, the BitGrail victim advocacy group has maintains that Firano must declare bankruptcy, forfeit personal assets and return the stolen digital assets as soon as possible. Documents shared by the advocacy group, the BitGrail Founder transferred customer funds into wallets under BitGrail’s direct control. But he wasn’t able to secure the currency.

The court revealed that days after the hack, Firano deposited 230 Bitcoins, which is about $1.8 million into an exchange to convert it into Euros. As per various reports, the investigating officer found that the founder had attempted to withdraw money via a Bitcoin ATM.

As the case got complicated, Firano announced that he would return the missing funds in Nano but later withdrew from his words, saying that the investors would be reimbursed in ‘BitGrail Shares’.

The court ruled seizure of Firano’s personal assets and for BitGrail to be declared bankrupt.



Carolyn Conrad

Carolyn Conrad has recently joined CryptoLighty news reporting team as a full-time reporter. She has been curating and writing for leading cryptocurrencies from last five years. She holds post graduate diploma in finance. She also holds year long experience in digital print media.

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