• Crypto Agent

BitGrail wallets seized by Italian authorities


BitGrail exchange released their first statement in over a month. By the look of things Italian authorities in Florence will be taking BitGrail to court and will see how to deal with the funds of customers that remained on the shut down exchange.

"On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the company's wallets were seized and brought under control of the judicial authorities pending further Court decisions in the prebankruptcy proceeding."

Last prior statement

The last thing we heard from BitGrail was on May 2nd.

"This morning, following the re-opening, we were notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts, about the precautionary suspension request made by the Bonelli law office on behalf of a client. The decision is scheduled for May 16 2018. Even though we don't agree with this decision, we are obliged to respect the law and to suspend any BitGrail business immediately.Kind regards,BitGrail Team"

The Hack

BitGrail gained global attention on the day the Raiblocks team (now NANO) disclosed their conversation with owner of BitGrail exchange Francesco "The Bomber". In this chat, Francesco tells them that he discovered that 17 million Nano (Raiblocks) tokens, then worth roughly $195 million, had been stolen by hackers. This has caused to exchange to completely shut down with many people losing money.

That claim has been greeted with widespread skepticism, fueled in part by recent suspicious moves by BitGrail. In early January, the exchange halted all withdrawals and deposits of Nano, as well as the Lisk and CryptoForecast tokens. That was followed by the announcement that BitGrail would enforce identity verification and anti-money laundering protocols for its users, and potentially block non-European users, despite the fact that it did not deal with government currencies or banks.

The "Bomber" and BitGrail

There has been no updates from the Bomber, who proclaimed to be a scammer, since early May and his Medium account has been suspended. There is currently a petition on change.org asking that the owner of Bitgrail should be properly investigated for fraud and market manipulation.

Back on March 16th Bitgrail intended to pay back its users by creating a token, Bitgrail Shares (BGS). The users who were affected by the theft were refunded 20 percent of their lost ammount in XRB, with the remaining 80 percent to be covered by BGS. This is very unlikely to happen now since the exchange is insolvent and is heading for bankruptcy.

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