BitGrail Bitcoin Exchange owner will return to users $ 170 million by a court decision

The Italian bankruptcy court declared the hacked BitGrail cryptocurrency exchange and its owner Francesco Firano bankrupt and ordered the latter to return to clients the maximum possible amount of $ 170 million they lost. This is evidenced by court documents published by the BitGrail Victims Group (BGVG).

Also, by a court decision, a significant part of its own assets was confiscated from Firano.

“Italian authorities have already confiscated more than $ 1 million from Firano’s personal assets, including his car. Millions of dollars in cryptocurrency assets were withdrawn from the accounts of the exchange and transferred to a trustee appointed by the court, ”said BGVG.

In July and October 2017, a total of 17,000,000 Nano (more than $ 170 million at the time) was withdrawn from BitGrail as a result of “unauthorized transactions” from the BitGrail exchange. At the same time, 230 bitcoins were transferred to Firano’s personal wallet. The management of the exchange officially announced what happened only in February 2018.

According to the court, it was precisely the vulnerability in the cryptobirth software that allowed the stock wallets to be devastated. The version of Firano about the error in the Nano cryptocurrency protocol was not confirmed.

Recall that in May 2018, the court prohibited BitGrail from resuming operations .

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