BitGrail Hack Decision - Return Max. Assets To Customers As Possible.

BitGrail Hack Decision - Return Max. Assets To Customers As Possible.

2019-01-29 | Big Bob

BitGrail Hack Decision - Return Max. Assets To Customers As Possible.

In line with the recent court decision 'report' published by medium, 'Francesco Firano' the owner and founding father of the recently hacked Italian crypto exchange named ‘BitGrail’, has been sentenced to the maximum amount of the assets to his customers as possible.

The Italian Bankruptcy Court released the sentence on 21st Jan. A 'post' by the BGVG [Bit Grail Victims Group] stated the same day as the court sentence explains that “the court decided that both Bitgrail along with its along with its founder Firano, personally, be declared bankrupt, authorizing seizures of several of Mr Firano’s personal assets.”

In line with the post, the Italian authorities already confiscated over $1 Mln in personal Firano’s assets, as well as his car. The post additionally notes that “millions of money in cryptocurrency assets have been taken in custody from Bitgrail’s exchange accounts and shifted to accounts managed by trustees appointed by the Court.”

The court ruling added that “it was the BitGrail exchange that [because of a software system flaw] really requested to the node multiple times to permit the funds to be transferred from the wallet” and “not the Nano network that allowed the multiple withdrawals. Moreover, the exchange additionally reportedly kept all of its Nano cryptocurrency holdings in a 'hot wallet', that compromised security.

The court notes that in July 2017, 2.5 Mln Nano were stolen from the exchange, which Firano has been aware of and declared that the concerned exchange accounts have been blacklisted on Twitter within the same month. Per the 'ruling', earlier in Oct. last year - 3 months later — another 7.5  Mln Nano was stolen again.

In Dec. 2017 Firano modified the existing central wallet into a cold wallet and also the exchange’s activity became reportedly intermittent. Prosecutors advised the court that Firano deposited a sum of 230 Bitcoins [BTC] in his personal account on a crypto exchange between 2nd Feb. 2 and 5th Feb. last year, days before asserting the loss of the stolen assets.

As antecedently 'reported', two U.S. law companies filed a proceedings against the developers of Nano similarly as BitGrail.

The proceedings alleges that Nano and “key members of its core team” desecrated federal securities laws and directed investors to open accounts and place funds in “little proverbial, and severely troubled” Italian crypto exchange BitGrail.

Even just earlier, Firano allegedly asked Nano developers to change the ledger suggesting a hard fork to revive the missing funds in Feb last year.

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