Italian cryptocurrency exchange loses USD 170 million

Monday 12 February 2018 09:26 CET | News

BitGrail, an Italy-based cryptocurrency exchange, has lost 17 million Nano cryptocurrency (XRB, formerly known as RaiBlocks), currently worth over USD 170 million.

According to BeepingComputer, the company did not use the word “hack” to describe the incident, however revealed “that internal checks revealed unauthorized transactions”. Furthermore, the exchange owner announced in a Twitter post that the company cannot refund all customers, as it’s currently in possession of only 4 million Nano, valued at around USD 40 million.

Only Nano cryptocurrency was lost in the incident, and no other cryptocurrency was stolen. The money disappeared from BitGrail’s own wallets, where it is normally stored after users deposit Nano in their BitGrail accounts. Currently, the exchange suspended all activity, pending an investigation.

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Keywords: BitGrail, Italy, cryptocurrency, Nano cryptocurrency, unauthorized transactions, crypto wallets
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3