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BitGrail’s CEO accused of fake piracy

BitGrail’s CEO accused of fake piracy

The Italian police accused the former director of BitGrail of defrauding its users.

Police said the suspect, known as Francesco Firano (FF), had faked a hacking operation that resulted in the loss of $146 million in Nano.

Authorities believe FF either planned the attack or allowed it to happen to allow the hacking to take place.

The Trust Project is an international consortium of news Bitcoin Champions organisations based on transparency standards.

Italian police have accused the director of the Rome-based exchange crypto BitGrail of faking a hacking attack that led his company into bankruptcy.

According to the police, the exchange was in fact the cause of the attack which caused him to lose 120 million euros in Nano.

Fake hacks make big money

Clothes don’t make the hack. The 34-year-old suspect is accused of being behind a computer hack that left the Italian exchange platform BitGrail in debt to the tune of several million dollars.

Police have identified the man only under the initials „F.F.“. However, journalists have already identified Francesco Firano in 2018 when he claimed that $195 million had been lost to hackers.

Great news for the trial against „The Bomber“ the CEO of #Bitgrail. With these findings $NANO’s protocol is proven not broken/liable for the theft of 11.5 mio $XRB/NANO from BG in Feb 2018. The CEO stole the funds and claimed he got hacked. 230000 ppl are affected.#XRB https://t.co/cK3F1XqbW9
– Fabs (@FabsinIOTA) December 21, 2020

Excellent news for the lawsuit against „The Bomber“, the CEO of #Bitgrail. With these results, the $NANO protocol is proven not to be broken or responsible for the theft of $11.5 million XRB/NANO from BG in February 2018. The CEO stole the funds and claimed to have been hacked. 230,000 people were involved.

According to Reuters, the police say the Florentine could be the instigator of the fraud.

Not only has his exchange gone bankrupt, but the authorities believe that Firano has swindled 230,000 people, stealing their hard-earned Nano crypto-money.

The Nano offers low transaction costs thanks to an ever-evolving blockchain known as DAG technology. At the time of writing, Nano’s market capitalization is approximately $141 million.

A nano-problem

Until mid 2019, BitGrail was the only exchange to offer Nano exchange pairs. Until then, the site was the lion’s share of Nano trading.

The police described the hacking as „the biggest financial cyber-attack in Italy, and one of the biggest in the world“. They also said it was the first fraud documented and carried out entirely on the internet using digital currency in Europe.

Recently, the European police published a report warning of the dangers of crypto-money. They specifically pointed to confidential coins such as Monero and Zcash among the culprits.

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