In an article published by Medium, the NANO Foundation has announced that it will help the victims of BitGrail and confirms that they are making great strides in the search for justice for those affected.
In the article they acknowledge that these past months they have not given many explanations about what happened, the reason being is that they have been advised to keep their actions private to allow the authorities to do their job and help the victims in the best way possible.
What Happened According to the Nano Foundation
Since last February, when they learned that BitGrail had declared insolvent, the Nano Foundation are doing everything possible to solve the problem because, although they say they can not control what third parties do with their currencies, they believe that they can help promote and enhance good behavior.
One of the first actions they have done is to open a legal fund to help all those affected by what happened in order to ensure legal representation for all those who can not afford it themselves.
Once the fund was created, they contacted Espen Enger, who at the time was representing 600 victims of BitGrail (currently representing more than 1,400 victims), who together with the Italian law firm Bonelli Erede, will defend the interests of those affected.
Currently, Mr. Engen’s team has raised more than $300,000 and the NANO Foundation has matched this amount, addingto a total of $600,000. They have also announced that they will match any donations received, adding the same amount until the legal fund reaches $ 2 million.
The money raised in the legal fund will be exclusively used to represent and fight for the legal interests of those affected – the Nano Foundation will not have access to these funds.
The Nano team continues to investigate and collaborate with the authorities to help in the investigations and as they comment in the article:
“To date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.”
What Happened According to BitGrail
Last February, BitGrail declared itself insolvent after losing 17 million Nano coins, according to their first statements:
The theft suffered in BitGrail had only affected the Nano cryptocurrency and they immediately contacted the authorities.
In addition, Francesco Firano (founder of BitGrail) declared that there was no way to return the total Nano lost by those affected.
On March 14, after announcing on their news page that they are working on the reopening of BitGrail, they declared:
“BitGrail Srl intends to stress having been subject to theft, a crime made possible by taking advantage of faults in the team NANO’s softwares (rai_node and the official block explorer) and therefore, for these reasons and in accordance with the law, it is not in any way responsible for the situation.”
To compensate those affected by the theft, the BitGrail team has created a “settlement agreement” and all of those who accept this agreement will receive a 20% compensation in Nano and the remaining 80% in a token created by the platform called BGS (BitGrail Shares).
The BGS token will have its own exchange market in BitGrail and can be exchanged for other cryptocurrencies. Initially it will have a value of 10.5 dollars per unit.
After the statements made on April 9 by the Nano Foundation blaming the problem of the Bitgrail software theft, they have responded:
“We are sorry to point out once again that Bitgrail is being accused without any concret evidence. We reserve the right to take legal action (civil and criminal) in order to preserve our rights and for damages caused by those defamatory actions.”