Italian Court Rules Bitgrail Must Stay Closed

The Italian cryptocurrency exchange BitGrail will not be able to resume operations in the near future, despite the efforts made by its creators, CCN reports.

Italian Court Decision

On May 17, the court of Florence upheld a preliminary decision to restrict the activities of the exchange, which is currently undergoing bankruptcy proceedings, preventing it from restarting the operations.
The decision was made in accordance with the request of the legal company BonelliErede, acting on behalf of 3000 BitGrail users trying to recover their funds.

The founder of Bitgrail, Francesco “The Bomber” Firano blames developers of Nano cryptocurrency for robbery that occurred in February. We remind that Bitgrail reported the hacking and withdrawal of about 17 million Nano tokens, formerly known as Raiblocks. As the Bitgrail representative said, scammers managed to withdraw 17 million Nano coins from the exchange wallet. The indicative rate per coin is $10.
According to Firano, the developers left a vulnerability in the protocol Nano, that allows attackers to withdraw funds from the BitGrail exchange.

The Nano Foundation in turn stated that they have reliable evidence that the hacking was possible because of the bug in the software of the exchange, rather than in their cryptocurrency. The organization also established a foundation to help victims of the attack recover the stolen funds.

Firano tried again to launch his cryptocurrency exchange on May 2. But he had to close the website only 3 hours after the opening, because he received the appropriate order of the court.
According to representatives of BonelliErede, the court decided to confiscate the remaining assets of the Bitgrail exchange and appoint special administrators to monitor them.


We remind, that earlier this year, one of the largest thefts in the cryptocurrency history occurred. As a result of the hacking of the Japanese cryptocurrency exchange Coincheck, its users lost more than half a billion dollars in the NEM cryptocurrency.

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