Saturday, March 2, 2024

BitGrail Cryptocurrency Exchange Hacked & Stolen $170 Million in Nano

BitGrail – A Popular cryptocurrency exchange Hacked and hackers stolen 17 million Nano which costs around $170 Million by unauthorized transactions.

Italian baed  BitGrail exchange was one of the largest trading hubs for the RaiBlocks cryptocurrency, which has since rebranded to “Nano.”.

According to Coinmarketcap, Nano currently boasts a market capitalization of $1,287,013,24, the 24th largest of any cryptocurrency.

A stolen amount is a part of the vault which is handled by the BitGrail and to proceed the further investigation, all activities will be temporarily suspended.

Also Read: California Voter Database Leaked – 19 Million Voters Records Under Risk

In this case, other currencies deposited have not been affected by this unauthorized withdrawals.

Later that statement was released, Nano price quickly dropped from the $18 dollar range to a low of $12.89 before a quick recovery.

As indicated by a Medium post from the Nano group, Firano offered a questionable answer for his $170 million issues. “An option suggested by Firano was to modify the ledger in order to cover his losses — which is not possible, nor is it a direction we would ever pursue,” the Nano dev team writes.

According to BitGrail, To carry out further checks on what happened, as a precautionary measure and to protect users, all the functionalities of the site, including withdrawals and deposits, will be temporarily suspended.

A statement from the Nano Core team reveals that the issue didn’t exist on the protocol layer, but rather was focused directly on the BitGrail exchange.

Nano prices dipped as BitGrail informed users of the hack, but the coin appears to have perked up over the weekend.

Before KuCoin and Binance added Nano to their stages, Bitgrail was by a wide margin the most well known trade for XRB exchanging. XRB was exchanging at well underneath $1 for the dominant part of 2017 preceding detonating to a $34.97 unequaled high in December.

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Balaji
Balaji
BALAJI is an Ex-Security Researcher (Threat Research Labs) at Comodo Cybersecurity. Editor-in-Chief & Co-Founder - Cyber Security News & GBHackers On Security.

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