Nano Foundation Sponsors Legal Fund To Provide BitGrail Hack Victims With RepresentationApril 10, 2018 5:58 pm
A legal fund to provide all victims of the hack of cryptocurrency exchange BitGrail with equal access to representation and pursue their legal interests associated with BitGrail’s insolvency will be sponsored by The Nano Foundation, CoinDesk reported Tuesday.
BitGrail suffered a system hack in February in which it lost one of its hosted token, Nano, before freezing trading, the report said.
As a result of the hack, 17 million Nano, worth approximately $187 million at the time, were stolen, CoinDesk reported.
The Nano team, the report said, reportedly contacted Espen Enger late in February to launch a legal fund. Espen Enger represented the interests of almost 600 BitGrail hack victims at the time and the Nano team contacted the Italian law firm of Bonelli Erede to collaborate on the issue.
In a statement, Nano said: “As a result, we are announcing today that Nano will be matching the contributions of the victims to the legal fund established by Mr. Enger — including both past and future donations, for up to $1 million — with a goal of establishing a total legal fund valued at $2 million.”
According to the blog post, CoinDesk reported, the victims represented by Espen Enger have managed to raise more than $300,000 in different currencies, including more than 53,000 Nano, on their own. With the donation from the Nano Foundation, the sum will double to a value of more than $600,000. The company claims outside of making donations, the foundation will not have any access to or control over the funds.
The Nano Foundation’s announcement says all reliable evidence they had reviewed “continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.” Meanwhile, BitGrail denies the responsibility for the security breach, insisting the fault lies in Nano’s software.
– WN.com, Jack Durschlag