The chief of BitGrail is accused of its own exchanges hack

  • Italian cybercrime agency accused the founder of BitGrail for the hacking activity
  • The firm seems to have knowingly ignored the security flaws and took no measures after identifying the hack
  • The hack of Nano token was the first documented case in Europe of its category

The Postal Police of Florence, along with Rome’s Financial Cybercrime Section of the Central Postal Service, has documented the nation’s biggest cyber-financial attack. The Italian agency has accused Nano, a crypto exchange platform held by BitGrail for a computer fraud of 120 million euros ($146 million). It is also known that the staff of the Guardia di Finanza of the Judicial Police Section of the Public Prosecutor’s Office of the Republic of Florence has also helped the Italian agency.

BitGrail held crypto platform had defrauded several users

According to a release from the news outlet Reuters, it is known that the hack of Nano tokens seems to be held by the firm itself. Last year, BitGrail, the firm that managed the Nano crypto exchange’s platform, went bankrupt. After the Italian police investigation, the firm itself is suspected to be involved in fraudulent activity. It is also found that the crypto theft had defrauded more than 2,30,000 users of the exchange. Following the previous record of the nation’s fraudulent cases, it is found that this attack was the biggest attack in the nation and one of the biggest in the world. The police also mentioned to Reuters that this was the first documentation of such fraudulent conduct where the investor’s loss was completely based on IT platforms, in the entire continent.

The exchange’s chief knowingly ignored the security flaws

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According to Ivano Gabrielli, the national centre director for cyber crimes (CNAIPIC), after investigating the matter in-depth, it seems like the firm itself is involved in the crime. Gabrielli also highlighted that the suspect was actively involved or just ignored the security flaw, is not yet sure. It is also known that if the exchange had increased its security measures after identifying the first case, then the Nano tokens hacking activity could have been prevented by the Nano exchange itself. However, the founder of BitGrail might have knowingly ignored the security flaws of the exchange and allowed hackers to launder the Nano tokens.

Europe’s first documented case of its category

It is known that the suspect of the Nano token hack or the founder of BitGrail is a person from Florence with an age of 34 years. According to the Italian police, the suspect is charged with the hacking events and money laundering and is charged with computer fraud and fraudulent bankruptcy. The police also highlighted that a couple of years back, the suspect contacted the police to report the loss of several tokens.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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