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Founder of BitGrail Francesco Firano says, “I can’t do anything”

Keerthana Sundaraj



Founder of BitGrail Francesco Firano says, "I can't do anything"
Source: Pixabay

BitGrail, one of the cryptocurrency exchange platforms, based in Italy has released an official statement that all the Bitcoin [BTC] in the BitGrail’s wallet was seized in the pursuit of the orders from Tribunal of Florence. The seizure was the consequence of the bankruptcy that happened earlier on 8th February 2018 where Nano worth more than $195 million were stolen due to a security breach.

Bitgrail’s founder, Francesco Firano, gave an official statement on February 9th, 2018, that nearly 17 million Nano tokens were stolen from the platform. From then, BitGrail had suspended its activities and the users were not able to make any kind of transactions.

As soon as the hack took place and the BitGrail platform went down, the founder of BitGrail, Francesco Firano and the Nano developer, Mica Busch accused each other of the hack. Firano stated that the poor security conditions in Nano blockchain, like the time stamp and the Nano Block explorer, made the hack possible. He had tweeted on February 18th stating:

“All these accusations convince myself that it is better to declare bankruptcy and let Italian justice take its time”

Following this, Espen Enger took up the collaborative responsibility of filing a complaint against BitGrail in the month of April.

On 1st May 2018, BitGrail gave an official statement stating:

“We are pleased to announce that BitGrail will commence operations on 2 May 2018 at 10:00 UTC. The markets and withdrawals will be operating for all coins, except for NANO/XRB. BitGrail re-open the NANO/XRB market for users at a date to be announced shortly.”

However, on 2nd May, a precautionary suspension request was made through the Bonelli law office and the Court of Florence issued an order to stop the functioning of BitGrail. BitGrail mentioned in their official news page:

“Even though we don’t agree with this decision, we are obliged to respect the law and to suspend any BitGrail business immediately.”

Chris Blec, a crypto-enthusiast tweeted in the month of January:

“1/ Apologies in advance for any FUD but I’m really concerned about Bitgrail. It’s showing all the signs of a disaster waiting to happen.”

Luc Chase, a Twitter user commented:

“Very bad news to see the court seized the remaining assets. Which idiot thought bringing the courts in could ever be a good move? We need Bitgrail to trade it’s way out of this mess. Now it is a guaranteed loss.”

Crypto Invest has optimistically commented:

“We all look forward to get as much as we can and see whoever is responsible in jail…”

With all the chaos happening around, Firano tweeted:

“If you didn’t understand it, I no longer have access to the funds deposited on Bitgrail. They were seized as a result of the lawsuits promoted by Espen Enger. No need to continue to contact me, now I can not do anything. You’il have to wait for the courthouse.”

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more





Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more
Source: Unsplash

Daily Crypto News – April 18

Craig Wright withdraws email evidence: The self-proclaimed Satoshi Nakamoto withdrew the email evidence submitted to the court with regard to Kleiman case. This news comes days after some members in the community suggested that the email evidence was “fake”. Notably, the evidence was withdrawn as Wright could not verify the timeframe of when the emails were exchanged.

To know more, click here!

US 2020 Presidential Candidate urges the need for cryptocurrency regulation: Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy, which emphasized on the need for regulating the digital asset place, and also listed the actions he would do for the cryptocurrency market as the President. On his official Twitter handle, Yang stated that, “Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks”.

To read more, click here!

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640–578645]. Moreover, Bitcoin SV’s network was unresponsive for over an hour.

To read more, click here!

Craig Wright takes on evidence and law: In a recent blog post, Wright speaks about proving to be the creator of Bitcoin, Satoshi Nakamoto. He stated that, “the important thing to understand is: law is law. Code (programs and algorithms) in any form is merely evidence… You see, ownership of the key is not proof of anything other than the possession of a key”

To read more, click here!

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