BitGrail goes bust after losing $170 million to large-scale theft

BitGrail, a leading Italian cryptocurrency exchange, lost almost 17 million Nano cryptocurrency to unauthorised transactions, thereby suffering losses of up to $170 million in real money.

Both BitGrail and the Nano team have reported the incident to authorities and are trying to uncover individuuals who performed such unauthorised transactions.

BitGrail is now unable to refund all its customers as it is left with only 4 million Nano cryptocurrency, earning the wrath of customers who are now planning to file a class action lawsuit against the exchange. At the same time, the exchange has been accused by the Nano Core team for misleading it regarding the solvency of the exchange.