BitGrail, an Italian exchange that focuses on Nano (former RaiBlocks) (XRB) has been hacked for about $195 million dollars. The company announced that they have lost 17 million XRB on February the 9th, 2018. Nano price has fallen from $11.5 dollars to $9.12 after the announcement.

BitGrail Hack

The cryptocurrency market has seen several times how exchanges were attacked and users lost their funds. Some days ago we covered that Coincheck, an important Japanese cryptocurrency exchange, got hacked. Coincheck has lost 523 million NEM coins valued around $500 million dollars. According to Coincheck authorities they didn’t store the coins in a cold storage wallet.

BitGrail

BitGrail Logo

BitGrail stated in its website that unauthorized transactions were performed from one of their wallets. The note explains that the authorities are informed about the situation and that the police is investigating.

The statement reads as follows:

“BitGrail S.r.l Informs its users that internal checks revealed unauthorized transactions which led to a 17 million Nano shortfall, an amount forming part of the wallet managed by BitGrail S.r.l. Today a charge about those fraudulent activities has been submitted to the competent authorities and now is under police investigation.”

According to the Italian cryptocurrency exchange, other currencies have not been involved. Because of this situation, the activities will be suspended in order to secure the other funds and users’ security.

“In order to conduct further verifications, all the activities will be temporarily suspended (including withdrawals and deposits). This procedure is indispensable for users’ security. We do offer our full and sincerest apologies to our customers and to whom has been involved into the illegal transfer of Nano occurred on our platform.”

BitGrail adds that they will keep updating the community with further information about this case.

Binance Announced to Freeze Deposits from Suspected Accounts

Binance Chief Executive Officer, Changpeng Zhao, announced in Twitter that Binance will assist where they will be able i.e. the famous cryptocurrency exchange will freeze deposits from identified addresses.

“We are in contact with Nano team (re: BitGrail) and will freeze deposits from identified addresses as we receive them.  This is one reason we require coin CEO/founder to submit listing request. Binance will assist where we can. We need to work together to protect users.”

It is always important to advise cryptocurrency traders to have a cold storage wallet were to store most of the cryptocurrencies they own. Cryptocurrency exchanges may be vulnerable to hacks and other attacks. It is not the first hack and it will not be the last. We are waiting for updates about this topic with good news for BitGrail users.

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