Published On: Sun, Feb 11th, 2018

BitGrail Cryptocurrency Exchange Hacked, $170 Million in Nano Allegedly Stolen

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Popular cryptocurrency exchange BitGrail has reported a loss of 17 million Nano, valued at over $170 million at the time of the hack. However, conflicting reports are surfacing with some believing the exchange to be insolvent for a number of months.
The Hack is Revealed
In the past, BitGrail exchange was one of the largest trading hubs for the RaiBlocks cryptocurrency, which has since rebranded to “Nano.” A trip to their homepage redirects users to a news announcement that reveals an apparent hack.
According to a statement on the BitGrail website, “unauthorized transactions” have been found on the exchange which has led to 17 million Nano being lost. All cryptocurrency operations have temporarily been suspended, and the authorities have been contacted to investigate the disappearance of the digital assets.
Dramatic Changes at BitGrail
Back on January 30th, BitGrail owner Francesco Firano announced on Reddit that KYC was to become mandatory on the exchange due to increasing regulatory pressure. What was originally a buffer-policy for increased withdrawals now became required on the platform.

Bitgrail is implementing KYC policy. Daily limits:level 1 (unverified): 0.5 BTC level 2: 1.5 BTCThe check may require up to 24 hours.
— BitGrail Exchange (@BitGrail) December 19, 2017

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