BitGrail: platform expected to reopen soon – Nano Coin owners will be able to recover 20% of their assets

The Telegram group “BitGrailVictims“, which was formed following the hacking of the BitGrail exchange, published today the translation of a document written in Italian and sent by its founder, nicknamed “The Bomber”.

The following are the main elements of this document (translation is approximate)

  • BitGrail plans to reopen soon – a date will be announced soon
  • It considers that it is not responsible for this theft and does not consider that it is under any obligation to reimburse the coins stolen.
  • To help users affected by this hacking, BitGrail intends to create a fund to gradually reimburse them.
  • To do this, a new token, BGS (BitGrail Shares) will be offered on the platform.
  • Upon reopening, all funds, except for Nano coins, will be available and available for withdrawal.
  • The Nano coins balance of users will be set at 20% of the amount it was before piracy. The remaining 80% will be replaced by BGSs, which will not be available for withdrawal, but traders will be able to trade them.
  • In the future, the BGS will be able to be converted for tokens that can be withdrawn and exchanged on other platforms.
  • At the end of each month, BitGrail will use 50% of the profits it has generated to buy BGS from its customers at a price of $10.5 per BGS. Users will always be able to choose to exchange their BGS on the platform at market price.
  • The use of the platform after reopening will only be possible after waiving the right to sue. Investors will have to download a document, sign it, and upload it to the platform.
  • Non-European users will also obtain BGSs, but will not be able to exchange them until BitGrail receives permission from international authorities.
  • BitGrail plans to increase the competitiveness of its platform, in particular by adding new cryptocurrencies, offering a new user interface and developing mobile trading applications.

Even though it was still private, by the end of last year BitGrail had been able to record the influx of numerous users, while it was the only platform that offered Nano coins – known at the time as “Raiblocks”.

170 million-dollar hack

It is remembered that BitGrail had 17 million Nano stolen last month – the then equivalent of $170 million.

Many Internet users had quickly pointed out that this hacking was probably not related to the Nano network, but to the weak security features used by BitGrail, a small platform based in Italy.

For this computer scientist, this hack might be the result of exploiting a security flaw in the platform:

An Internet user among the victims of this theft had launched a “Ask Me Anything” on Reddit. He reported losing 174,000 Nanos, which was $1.74 million.

For some commentators, it will probably be difficult for BitGrail to manage to generate profits again (and thus continue to pay back its users), as investor confidence may never be restored.

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