BitGrail troubles are far from over with the latest from the exchange claiming that Nano (NANO) Coin is only “good on paper.” The exchange’s founder alleges that the Nano team played a rather hanky-panky game on the hack attack that led to the disappearance of investor funds.
Well, if you are a close follower of the activities and performance of NANO you would remember Silver Miller. This is one of the leading crypto law firms in the United States which filed a class action case backed by the investors (Nano f/k/a RaiBlocks (XRB). The law firm said that the Nano team and other members in close relations with Nano had gone against the federal securities laws. The class action case notes that the team at Nano, so intent on introducing XRB to the wider cryptocurrency community, without proper planning made the investors open accounts and deposit their digital assets with a less known, severely distressed cryptocurrency exchange based in Italy. The exchange in question is BitGrail, where more than $170 million of investor funds in XRB allegedly “disappeared” in the month of February 2018.
The NANO Coin team went ahead to absolve themselves from the fiasco, stating to the community that they have been informed by Francesco “The Bomber” Firano – who is the owner and manager of BitGrail, moreover, Nano team said that they had contacted the law enforcement and therefore, the whole matter was in the hands of Bitgrail. The statement read:
“From our own preliminary investigation, no double spending was detected on the ledger and we have no reason to believe the loss was due to an issue in the Nano protocol. The problems appear to be related to BitGrail’s software,”
The founder of Bitgrail has however spoken to make matters clear; according to Francesco Firano, “The NANO team was relentless in directing users to the BitGrail exchange despite the major issues I had consistently warned them about. They treated BitGrail with disrespect continuously and it was a constant back and forth. Since they were native English speakers, it added an extra layer of trust for them from their social media followers. Sometimes it is difficult to get your point across in a different language.”
Firano adds that he had warned the Nano team of various issues and irrelevancies but they did not bother to respond or act. He says they took the easy way out and blamed Bitgrail team for the issues that lied entirely with NANO. He went ahead referring to Nano (NANO) as only good on paper.
“NANO looks good on paper. There is specifically a major issue with it being extremely centralized because the top 10 users own about 80% of the coins and the problematic block explorer and most major node servers are ran by one group of people,” Firano stated with claims that NANO Coin is centralized.
Nano (NANO) Shaking of Bitgrail Fiasco with Binance Competition
Nano (NANO) price is up more than 22% in the last 24 hours on Friday 4 while is currently trading at $10.25. The competitions held by have been known to stir up the trading volumes of cryptocurrency in a robust way. The reward set by Binance is a whopping 15,000 NANO as NANO switches to a new ticker. Other cryptocurrencies like Ontology (ONT) and Centra (CTR) have received an incredible boost through Binance competition in the past. NANO price could benefit a lot from this completion following the series of controversies that have been surrounding them since the beginning of the year. The Binance announcement reads:
“Users will be ranked in terms of the total NANO Coin volume traded on their Binance account (including both Buys and Sells) across all NANO trading pairs during the competition period.