BitGrail Goes Bankrupt Nearly A Year After Announcing Its Infamous $195 Million Hacking Loss

2019-1-23 23:32

BitGrail Goes Bankrupt Almost A Year After It Announced A Loss of $195 Million USD

Nobody can argue that 2018 was a good year for cryptos. Despite some developments in the market, the year was highly volatile and mostly went downward. However, not only the bear market made the year so bad. Another point that was considered bad for cryptos last year were the hacks. There were so many of them and many companies lost everything due to these issues.

Sure, hacks go back to even before Mt Gox was hit, but the situation was tense last year and BitGrail, which has declared bankruptcy now, is one of the companies that were affected by these issues. BitGrail is an Italian crypto exchange that lost almost $195 million USD from its customers’ money.

While BitGrail was far from being Binance or Coinbase, it was a somewhat large exchange and it was known for trading Nano tokens, which ended up being stolen by hackers as well.

At the time, the CEO and founder of the company, Francesco Firano, revealed that the money was stolen and some people started to accuse him of having planned an exit scam and for planning the hack in order to steal people’s money.

Even the Nano team, which generally supported the exchange, expressed some doubts on whether the situation was planned or not. They made an official statement affirming that they believed that the company was misleading them about the solvency of their assets.

BitGrail Is Shutting Down

If this horror story was not bad enough, things took a turn for the worse today, January 21. Almost a year after the attack successfully happened, now the Court of Florence has declared the company is officially bankrupt. The news was shared with the clients on the official Telegram account of the company.

People on social media had mixed reactions about the whole thing. Some people affirmed that it was good for Nano that the exchange was finished while others seemed angry about it since investors are probably not getting their money back for a while now.

A user from Reddit, Darkrender7, has compared the case with Mt Gox, which was the largest Bitcoin exchange in the world when it was hacked back in 2013, but stated that if the Nano price went up as Bitcoin did, the exchange could have a chance to pay people.

This is unlikely to happen, though, as the market is still not going up as fast as it was in 2017 and no relatively unknown token is going to go up as Bitcoin did.

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