Nano to Square Up Against Second Class-Action Lawsuit After BitGrail Attack for Securities Act Violations

Almost after a year of the attack experienced by the cryptocurrency exchange BitGrail, Nano’s developers are facing a new class action lawsuit. In this lawsuit, there are several parties involved including Nano, Bitgrail, Francesco Firano and others. Nano has been affected by a hack experienced by the BitGrail platform a year ago. Users lost several millions of dollars in Nano coins. Back at that moment, Nano was called RaiBlocks (XRB). The exchange lost more than $170 million in XRB tokens.

BitGrail was the most important exchange for Nano. Users traded their coins in this exchange because it offered higher liquidity than other platforms. However, Nano developers distanced themselves from BitGrail alleging that the exchange experienced an attack due to some issues on its platforms. Since this situation happened, Binance became the most important platform for trading Nano tokens.

There was also a possibility to fork the coin and recover the funds stolen. The lawsuit explains that defendants can rewrite the XRB code and restore ownership to Plaintiff and the Class to protect their property rights. Nevertheless, the defendants did not want to implement that strategy.

Furthermore, this lawsuit only represents the U.S. investors. This means that victims from other countries would have to write another lawsuit on the matter. It is difficult to understand how regulatory agencies will consider their position with the U.S. Securities and Exchange Commission (SEC).

Investors want their XRB back and a pre- and post-judgment interest and ‘equitable compensation’ for losses incurred.

Currently, Nano is the 42nd largest digital asset. Each coin can be purchased for under $1 and it has a market capitalization of $132 million. Before the hack, Nano reached an all-time high of more than $37. A few weeks ago Nano was traded close to $0.9 per coin.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Isn't Budging Because Altcoins Are Out-Trading & Outperforming it

2020 started out bullish for Bitcoin, which went to $10,500 in February, but it didn’t stay that way for long. In March, BTC crashed...

Brave Browser Adds Gemini Crypto Exchange Trading Widget On Its Nightly Version

Gemini exchange announces a partnership with a privacy-focused browser, Brave, to integrate a trading widget app on the Brave Nightly version. This provides a...

Twitter Hacker Managed to Scam Only 12 Bitcoin After Duping Major Accounts Using ‘Internal Tools'

A security incident on Twitter duped businesses and people into sending at least $120,000 worth of Bitcoin to an anonymous online wallet, half of...

Huobi Becomes The Latest Exchange to Enter Bitcoin Options Market With a Q3 Launch Date

The bitcoin derivatives market has seen some astonishing demand this year with the trading volumes soaring all-time highs. The derivative market that primarily dominated...

Kingdom Trust Nominates Fidelity Digital Assets For Bitcoin Custodian of Its Choice IRA's

Kingdom Trust has appointed Fidelity Digital Assets to power its recently launched Choice retirement account, which features an array of assets including Bitcoin. Fidelity will...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today