BITCOINS SEIZED FROM BANKRUPT BITGRAIL BY ITALIAN AUTHORITIES

Authorities in Italy have seized bitcoins from the company wallets of controversial exchange BitGrail as part of standard pre-bankruptcy proceedings. BitGrail was hacked in February 2018, with $170 million dollars’ worth of Nano stolen — which subsequently lead to a major price crash for the coin.


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BitGrail’s blog was updated today, June 15, 2018, with the following announcement:

On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the company’s wallets were seized and brought under control of the judicial authorities pending further Court decisions in the pre-bankruptcy proceeding.

A news update on the website in May declared BitGrail would reopen on May 2, 2018, but was closely followed by an announcement stating the Italian court of Florence had issued a deed “requesting the immediate closure of BitGrail” and that BitGrail would comply.

HACK VS. INSOLVENCY

BitGrail’s problems came to light in February 2018 when it reported 17 million Nano (previously RaiBlocks) — equivalent, at the time, to $170 million dollars — stolen in a hack. At the same time, reports surfaced that the exchange could be insolvent and may have been for a number of months.

Nano refused to fork its blockchain in response to the hack stating:

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 stuck with its hacking claim, later posting on its blog that, though it wasn’t responsible, it would “meet its users half-way” by offering a settlement agreement and repayment plan for victims of the purported Nano hack.

As the news of the hack and the potential insolvency of BitGrail broke, Nano’s price began to fall — eventually crashing from $30 USD to $2.50 USD. Many investors had been encouraged to use the BitGrail platform as one of only two exchanges listing the coin until it was added to the popular exchange Binance.

BitGrail was prevented from reopening on May 2, 2018, by a court order initiated by BonelliErede — the firm assisting the 3000+ investors who became victims of the BitGrail/Nano hack.

NANO IS MOVING FORWARD

BitGrail and Nano have argued publicly and legally over the cause of the hack and the insolvency issue. The Nano Foundation concluded in April that there was a bug in the exchange software at BitGrail.

Nano is moving on. Colin LeMahieu, Lead Developer, said in May:

While the BitGrail situation is extremely unfortunate, it has not impeded the project. We allocated significant resources towards both determining what exactly happened, as well as investigating legal options, but as far as protocol development and overall project milestones are concerned, we have continued to move forward.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: MELANIE KRAMER
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Crypto Exchange Bitgrail Opens For Three Hours Before Legally Forced Shutdown

Recently hacked Italian crypto exchange Bitgrail tweeted Wednesday, May 2, that they reopened their exchange, only to report its temporary closure three hours later.

Bitgrail posted a statement on its website later that day in order to explain the reason for the abrupt shutdown, which they “don’t agree with”:

“This morning, following the re-opening, we were notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts, about the precautionary suspension request made by the Bonelli law office on behalf of a client.

The decision is scheduled for May 16 2018.

Even though we don’t agree with this decision, we are obliged to respect the law and to suspend any BitGrail business immediately.”

On Feb. 8, 17 mln coins of cryptocurrency Nano – now worth around $136 mln – were discovered missing from the Italian exchange. The loss led to controversy between Nano developers and BitGrail’s owner and operator, Francesco “The Bomber” Firano, after the developers reported that Firano had reportedly asked for the Nano ledger to be altered to cover the losses – a claim Firano denied.

It is still unclear where the fault for the hack lies – either subpar security from Bitgrail or an issue with Nano’s blockchain – but a mid-March update from Bitgrail noted that users would be refunded as long as nobody sued.

At the beginning of April, a US class action suit was filed against the Nano developers that alleges that Nano’s core team illegally sold unregistered securities as well as negligently misrepresented the reliability of crypto exchange BitGrail. The lawsuit asks that a hard fork be implemented to restore users’ funds.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Molly Zuckerman
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Nano the next to Boom? Price Prediction

In a little less than 24 hours, Nano (NANO) was listed on the popular exchange known as HitBTC.com. This exchange is ranked 8th on coinmarketcap.com and using the criteria of exchanges that charge transaction fees alone. HitBTC is currently doing $340.6 Million in daily trade volume at the moment of writing this. The HitBTC addition makes 31 exchanges in which Nano is listed in.

With respect to the market performance of Nano, the coin is currently trading at a value of $7.24 and down just 1.76% in the last 24 hours. However, there was a notable spike yesterday that can be attributed to the addition of Nano on HitBTC. The coin did a slight pump from $7.13 to $7.32 in a period of less than 20 minutes.

This slight pump is grounds to investigate the numerous Nano price predictions that have been active on the web.

$121.46 per Nano One Year from now!

This price prediction has been done by a custom algorithm that predicts future prices of all crypto listed on coinliker.com. This means that Nano is predicted to grow by 1,500% in the next 12 months. This might sound like a huge percentage growth, but anything is possible in the exciting domain of cryptocurrencies.

$25 By December 2018

This price prediction is brought to you courtesy of coinfan.net. This prediction is very realistic given that the total marketcap of the cryptocurrency market has grown by a factor of 10 in the last 12 months. At a date similar to today back in 2017, the total market cap was valued at $40 Billion. The same market cap is now at $422 Billion. Therefore, $25 per Nano might be right on the money come December.

$40 Per Nano by End of 2018

This price prediction is based on the premise that Nano had traded at the levels of $34 earlier on in the year. This then places the coin at a possibility of surpassing this by the time we get to the end of the year.

In conclusion, the good thing about the known crypto markets is that more and more traditional stock investors are looking into, or are already investing in crypto. They in turn are bringing in much needed external funds to boost the market cap of the entire crypto-verse. This follows the same trend witnessed by top notch wallstreet firms (Soros Fund Management), embracing crypto trading with open arms.

This means that the only direction is up for the value of all coins and tokens in the markets.

 


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: John P. Njui
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