The Italian Crypto Exchange BitGrail Has Few Chances of Reopening
The Italian cryptocurrency trading platform BitGrail’s will not be able to re-open its doors in the near future.
On 17 May, the Court of Florence has approved a document that prevents the crypto exchange from carrying out its activities, given that it’s in a state of bankruptcy.
The one who filed the allegations against BitGrail was BonelliErede, a Milan-based law firm. The company claims to have received complaints from over 3,000 users who are desperate to return their funds from the crypto exchange.
It announced its insolvency in February 2018
We would like to remind you that BitGrail announced its insolvency in February 2018 when it was involved in a cyber-attack. At that time, the company lost 17 million XRB (Nano), estimated at $ 170 million.
The operator Francesco “The Bomber“ says the problem was the Nano protocol and not the BitGrail’s one. He has repeatedly tried to ask the developers to restore the blockchain-based network in order to recover the funds.
According to the Nano Foundation, “all reliable evidence” shows that the BitGrail software is the only one guilty of what happened, given that the Nano protocol is secure. They have come to help the victims, creating a fund to help them recover the lost money.
An administrator will take care of the remaining assets
We would like to remind you that BitGrail had an intention to reopen its doors on 2 May but was bound to suspend its operations after just 3 hours. The reason was the suspension request received from BonelliErede. According to the law firm, the judge appointed a specialist to oversee the remaining funds in the crypto exchange.
Even if the community has a negative opinion about the crypto exchange, it seems that the Nano team continues to grow and get involved in as many new projects as possible, according to Colin LeMahieu, lead developer of Nano.
“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,” stated LeMahieu.