BitGrail cryptocurrency exchange has been hacked – More than $160 million stolen in Nano

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The Italian cryptocurrency exchange BitGrail announced late last week that it was hacked and lost about 17 million Nano cryptocurrency (XRB, formerly known as RaiBlocks), currently worth over $160 million.

A statement on the BitGrail website announced that the company did a security check that discovered unauthorized transactions resulting in a shortfall of 17 million Nano.

The owner of BitGrail exchange stated on Twitter that the exchange can’t refund all customers, as it’s currently in ownership of only 4 million Nano, estimated at around $40 million.

“NANO on BitGrail have been stolen.

Unfortunately there is no way to give it back to you at 100% (we only got 4 MLN XRN right now).

The devs, as you have guessed, dont want to collaborate”

Only Nano cryptocurrency has been stolen in the hack. The funds withdrew from the wallet of BitGrail, where it is usually stored after customers deposit Nano in their BitGrail accounts.

According to a Reddit user:
“Something that needs to be addressed is that quite a few of these “exchanges” are set up by near-college-age “devs” who are only a couple years past graduating from their javascript boot camps.”

Nano cryptocurrency is currently in the top 30 most valuable cryptocurrency based on market cap (23rd) and is exchanging at $10 per unit.

Source: bitgrail.com

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Eslam Medhat

is a professional pen-tester with over 9 years of IT experience bringing a strong background in programming languages and application security, ranging from network and system administration to exploit research and development. He reported various vulnerabilities for high profile companies and vendors and was successfully acknowledged by them.

Eslam Medhat

is a professional pen-tester with over 9 years of IT experience bringing a strong background in programming languages and application security, ranging from network and system administration to exploit research and development. He reported various vulnerabilities for high profile companies and vendors and was successfully acknowledged by them.

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