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Nano Foundation to Start Legal Fund for Victims of BitGrail Hack


An ongoing legal battle between Nano Foundation and BitGrail is shooting up. On April 10, Nano Foundation declared of establishing one legal fund to meet the different monetary expenses of victims who had to part away from Nano tokens valuing nearly $170m because of a hack into BitGrail's system during February.


Actually during February, BitGrail, an exchange for digital currencies that is based in Italy found that a token called Nano which the exchange hosted had been stolen following which BitGrail froze its trading. Apparently, the hack led to the loss of 17m Nano equivalent of approximately $187m.


The incident prompted the Nano community to get in touch with Espen Enger February end for starting one legal fund so as for making sure every victim got the right legal support as well as an opportunity for retrieving their assets. As a result, Enger represented nearly 600 victims of the BitGrail hack when soon after Nano community too got in touch with Bonelli Erede a law firm in Italy that joined into Enger's efforts, declared Nano Foundation. Cointelegraph.com posted this on the Web dated April 10, 2018.


It is reported that the legal suit representing American citizen Alex Brola doesn't seek direct financial compensation. Rather that the Nano creators must go the whole hog in undoing the loss just like the one before the development of Ethereum Classic and Ethereum.


The legal suit entirely holds Nano responsible for the theft charging that Nano frantically instructed investors that they should set up accounts with BitGrail, evidently severely distressed.


It is said the victims, which Enger represented, themselves managed in restoring $300K and more in various currencies, notably 53,000 and more Nano tokens. Nano Foundation made a donation taking the total sum to more than $600K. The company asserts beyond making donations it won't have control of else access to the funds.


Within its declaration, Nano Foundation said it believed vulnerability within the exchange software of BitGrail was the reason why funds got stolen. In the meantime, BitGrail denies its involvement in the security hack, asserting it is Nano's software which is faulty.

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