Cryptocurrency related cyber-crime has been on a perpetual rise. Exchange hacks and cryptocurrency thefts are among some of the most common such crimes. BitGrail has become the latest cryptocurrency platform to succumb to these attacks. In this attack, 17,000,000 XRB cryptocurrency tokens have been stolen from the exchange. The tokens were priced around $11.5 at the time of the hack.
Following the hack, the cryptocurrency platform came up with an official statement claiming ‘unauthorized transactions’ have resulted in the theft of 17 Million Nano tokens. BitGrail has filed an official complaint with the police authorities. All operations on the exchange have been suspended including withdrawals and deposits.
In addition to this statement, BitGrail has also announced insolvency. The exchange will soon be shutting down. After the hack and the announcement of insolvency, Nano price has been plummeting. The price has fallen from $11.5 to $9.12 at the time of this writing. Nano too has come up with an official statement claiming they were informed of this hack by Francesco Firano, the owner of BitGrail on the 8th of February.
Nano has claimed that the hack has taken place due to a flaw in the software used by the cryptocurrency exchange and not due to a flaw in the Nano protocol. Nano claims that they had no knowledge about BitGrail going insolvent before the 8th. However, in an update, Nano added to their statement, saying:
We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.
This hack comes days after RaiBlocks rebranded to Nano. After a highly successful 2017, the company was looking forward to an all-new, enthusiastic approach in 2018. However, considering that this major hack has just taken place, we expect prices to plummet even lower once the news breaks.