Italian Cryptocurrency Exchange Bitgrail Lost $170 Worth of NanoTokens

Following the recent hack of CoinCheck, another cryptocurrency exchange, BitGrail on Friday claims that roughly $170million worth of its Nano tokens has been lost but other developers say it may not be hacked but disappears.

$170million worth of Nano tokens are missing

BitGrail, an Italian based cryptocurrency whose token “Nano” was formerly known RaiBlocks reports about $170million worth of tokens had been stolen by hackers. Although such lost did not affect other traded currencies on the exchange.

The exchange, in response, has temporarily suspended all deposits and withdrawals. The company also reported the case to the police following internal wrangles and accusations.

According to a tweet by BitGrail founder Francesco The Bomber.

He complained earlier on Friday that the development team did not want to collaborate. And that the company would not return all the stolen coins saying “we only got 4 MLN XRN right now.”

It is the second major hack on a crypto exchange after Tokyo-based CoinCheck lost between $400 and $534 million worth of NEM coins from its hot wallet in January.

The team said the problem appeared to be related to BitGrail software and not the Nano protocol. However, Team Nano said in a statement that Firano had been misleading the Nanon Core Team and community “regarding the solvency of the BitGrail exchange for a significant period of time”

BitGrail recently stopped serving non-EU residents citing legal complications. It added further requirements for verification by users in order to withdraw coins from their accounts.

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Related coverage: Hackers gone after Stellar Lumen cryptocurrency and steals $400,000

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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