Sunday, February 5, 2023

BitGrail Tail No Longer Wagging the Nano Dog: Devs to Cough up $1 Million for Lawsuit

BitGrail Tail No Longer Wagging the Nano Dog: Devs to Cough up $1 Million for Lawsuit

The Nano Foundation, the team behind Nano XRB, have announced they are offering to help pursue Francesco “The Bomber” Firano in Italian courts by matching victims’ contributions to their legal fund by up to $1 million USD.

Also Read: Monero’s Hashrate Drops Bigly After ASIC-Blocking PoW Shift

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

Nano Dev Team Step up to the Plate

Having ruled out a fork to help BitGrail victims recover their $187 million worth of lost XRB coins in the BitGrail hack announced on February 8th, the Nano development team have been eerily quiet since outlining their analysis of events relating to the hack on a medium post on February 11th.

Their statement included findings that:

“a portion of the withdrawals from the account ending in ‘bbjn’, cited by Firano as “unauthorized,” can be dated to October 19–23, 2017” as well as placing the blame squarely at the feet of BitGrail coding vulnerabilities.”

The Nano team are working with activist Nano holder Espen Enger, who has gathered details of over 1400 victims, and the law firm Enger has engaged, Bonelli Erede. The team continue to insist that:

To date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.

Nano Foundation Face Crypto Ambulance Chasers

The Nano Foundation have been facing their own legal challenges, with a group of BitGrail victims seeking to force the Texas-based team to fork XRB – a solution proposed by Firano – to help them recover their losses. That lawsuit is being undertaken by Silver Miller Law, who also have legal proceedings against Coinbase, Kraken, BitConnect, and ICO Tezos already underway.

Yet Again Bomber Claims He’s Been Defamed and Is Not to Blame

For the operator of a buggy exchange that effectively turned off XRB withdrawals with a clunky and hastily implemented change to its Terms of Use for non-European customers only days before the hack was revealed, Firano continues to argue that facts are no defense against defamation. According to his response to the Nano announcement on the BitGrail website:

“I regret to acknowledge that Bitgrail is unjustly accused without being in possession of any concrete data in hand. For these actions, which take again defamatory content, Bitgrail again reserves the right to take criminal and civil action to protect its rights and to compensate for the damages suffered.”

Firano had been strangely silent since announcing the impending reopening of his exchange with a compensation plan being put in place with which Nano holders (who lost 80% of their coins) were largely unhappy. Bitsonline reported last week that he had failed to update users of any details of BitGrail’s reopening, nor when it would do to the hand nano foundation

The Nano community have been tenacious in pursuing BitGrail, Firano himself, and the Nano Foundation. Now, with a lawsuit fund that has, to date, collected $600,000 worth of contributions (half donated by the Nano Foundation), it seems Firano will finally see his day in court.

Have your say. Were you impacted by the BitGrail hack? Are you glad the Nano team have decided to help their community?

Images via Pixabay, flickr, Daniel Dionne

Bitsonline Email Newsletter