BitGrail Insolvent, 17 Million Nano (formerly RaiBlocks) Stolen

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exchange bitgrail nano hack

On Thursday, February 8th, 2018 the founder of the Italian Francesco Firano exchange BitGrail announced that 17 million NANO (formerly known as RaiBlocks) had been stolen. Many users of the BitGrail exchange have reported that their Nano have been lost and some have even taken legal action against the exchange. Below is an excerpt of the official statement released by the Nano team on Medium.

On February 8th, 2018, the Nano Core team was informed by Francesco “The Bomber” Firano — owner and operator of the BitGrail exchange — of a loss from the BitGrail wallet. Our team promptly contacted law enforcement and we are fully cooperating with law enforcement on this matter.

From the statement Nano seems to distant themselves from the BitGrail exchange - but Nano has been associated with the exchange for quite a while and on some cases have even promoted it.

It’s interesting to note that around January 10th BitGrail started running into issues with their Nano deposits and withdrawals.

Nano (formerly RaiBlocks) also posted an update 19 days ago before Francesco announced the hack regarding a verification system.

About BitGrail Withdrawals from r/RaiBlocks

Three days ago BitGrail released a statement stating that there were unauthorized transactions done on the BitGrail main account.

Finally the truth - 17,000,000 XRB stolen from Bitgrail from r/BitGrailExchange

We were curious in regards to BitGrail therefore we looked it up in the business register of the Italian Chambers of Commerce and we found that the official address the company is located under is (FI) Via Pier Capponi 89 - we looked up the place on Google Maps and came to the following:

BitGrail Street View

As you can see the location does not seem to befit an exchange that is worth millions of dollars but perhaps they’re operating from an apartment building.

BitGrail Google Satellite

We find the fact that they’re operating from such a location very peculiar. Legitimate cryptocurrency organizations we have seen usually have public offices, we encourage our readers to look into this matter and see what they can find out.

In regards to the stolen Nano - law enforcement agencies are working to figure out the truth regarding where the Nano has went. Firano tried to resolve the issue by asking the Nano team to “fork” the chain to account for the stolen Nano but as the team said in their statement they do not intend to do so.

Firano’s actions in regards to the situation are eyebrow raising - we hope that a proper audit is done on the exchange by law authorities and hope that any foul play is properly dealt with. Until then, we will be monitoring the situation and release updates as we get them on this site from our findings.

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