The court of Florence has banned the exchange BitGrail to resume work

The court of Florence has banned the exchange BitGrail to resume work

An Italian court ruled that the exchange of cryptocurrency BitGrail should remain private, and bankruptcy proceedings continue. Looks like BitGrail came to an end.

The story is this: BitGrail is an Italian cryptocurrency exchange run by a man named Francesco Pirano. For some time the exchanger was moderately successful, although problems with the restrictions on withdrawals were a concern for customers even before the drama.

Exchange began to offer the cryptocurrency, called XRB, which is the coin of Nano. According to coinmarketcap.com coins XRB is currently sold at a price of 4.42 USD, and the market capitalization is around 588,3 million dollars.

Hacking BitGrail occurred in February 2018, when 17 million coins XRB, worth 170 million dollars, was stolen. It was the only cryptocurrency stolen during hakerami attack.

Team Nano and Hirano accused each other of theft and did not come to an agreement on how to deal with the consequences. Their feud led to several lawsuits. Nano claimed that BitGrail kept XRB in the wrong for the coin purse. Hirano claimed that a bug in the code for the Nano coins are allowed to steal it. In addition, if Nano held hardwork, damages could be recoverable. Nano disagreed and stated that it will Fund the legal costs of the victims.

Behavior Hirano during the crisis so angered the customers that he began to receive threats in the address.

The story received its continuation when the Nano was first faced with lawsuits from investors demanding to hold hardwork.

Hirano eventually was offered a repayment scheme which will be financed by newly discovered BitGrail. He never admitted guilt exchange, despite emerging evidence that it is the wrong manual caused and exacerbated the vulnerability of the security of the site.

After that, the group of victims filed a petition to BitGrail to declare bankruptcy. Activists called for unity among the victims, stating that they are more likely to get your money back, if they work together.

In early March Hirano tried to resume the activities of the exchange, despite the fact that 79 percent of respondents on Twitter said that they would prefer bankruptcy. However within 3 hours the exchange was again closed by order of the court, which approved the request of the law firm representing 3,000 customers.

In addition to the ban on the resumption of the activities of the exchange, the court arrested the company’s assets and imposed a temporary administration on the trading floor.

News tags
Let's Disqus