BitGrail: Nano Loses it’s Blocks to a Hack!

BitGrail: Nano Loses it’s Blocks to a Hack!


February 2018, started out with such a bang for ‘Rai Blocks’. They upgraded to a new name, ‘NANO’. It was symbolic of their speed and efficiency. From the value of mere 10 cents in November 2017, it was rising to the value reaching a peak of $ 20 in the beginning of February. Being hailed as the coin to look out for, all was going well with the world.

Bitgrail: Nano Bits and Pieces

On the eve of February 9th, Italian company Bitgrail gave their wallet owners a nasty surprise. When wallet holders logged into the network, they discovered their Nano missing. As Bitgrail is one of the 3 principal traders of Nano apart from Mercatox and BitFlip, its holdings of Nano were massive. Needless to say, the minute the account users realised that their Nano was missing, chaos reigned. An estimated $ 140 Million worth of Nano was gone without a trace.

There were rumors of Bitgrail being hacked. While some said that it was an Exit strategy from the owners of Bitgrail due to the profit rise of Nano.These rumor mills were swiftly put to rest when the account holders realised that no other currency had been hacked or touched other than Nano. This unrest was laid to rest for sometime by BitGrail with a hastily issued statement on their site They tried to dispel the rumors that were giving them a bad name. Their cyber security was being questioned as was the lack of protocol in relation to sharing information with the account owners.

Team NANO: Trust No No

Finding no solace with BitGrail, the people screamed bloody murder on the developers of Team Nano. They urged and begged them to adjust the ledger which converts the stolen Nano as void and unusable. They were heavily backed by the the owners of Bitgrail. The ‘to and fro’ of the 2 teams created such a FUD scene that the value of Nano crashed.

Those who had saved their Nano token in a cold wallet  still wanted to support and hodl on the tokens. As the values plummeted, drastic actions were demanded by all owners of Nano.

Finally, after what felt like a lifetime of waiting the picture became clearer. There was a bug in the Javascript for the client-side interface. This allowed for wallets to withdraw more coins than they had on the exchange. The clincher of this mess was the fact that both Bitgrail and Team Nano knew of it for a few days before the hack was undertaken. This lapse doesn’t absolve any party of negligence.

In Conclusion:

Those affected by this hack have lost any hope of getting back their tokens. All they requested was that no third person should make a profit out of their hodled tokens. Even that was denied. So, where does that leave them? Exactly in the middle of nowhere. Such hacks are slowly becoming the norm. Unless and until cyber security is not taken seriously, such scenarios shall continue to plague the cryptocurrency market.

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