Hello everyone,
These past few days have been hard for most of us from the cryptocurrency community, but yesterday the prices finally pumped a little. The one thing I noticed is that one of the top 100 coins, Nano, did not go up at all. So I started to look into it because it seemed like a good investment.
The first thing I found while searching the web for some information about Nano was an article about exchange BitGrail, which lost at least 165 million dollar worth of Nano. It is normal to see the price stagger after a large amount of any cryptocurrency is stolen. The reason for this is that the holders are afraid that the price will plummet, as a result of the hackers dumping all their coins.
BitGrail exchange
The weird part is that you will find lots of conspiracy-theorists when searching information about the BitGrail exchange. They claim that the stolen Nano coins are actually part of a scheme. I personally think, based on a hunch, that they did get hacked.
What will happen to the NANO holders?
Well those who where holding their coins on the BitGrail exchange will not be able to send or withdraw anything right now. Sadly, the people holding Nano on the BitGrail exchange will not get back all their coins. BitGrail announced that the developers from Nano do not want to help them, so they will have to cut losses and divide their remaining four million Nano among their holders.
Those who are holding Nano somewhere else then on BitGrail will not see any changes to their balance, but they will have to deal with lower exchange prices, a possible dump from the hackers and a possible dump from the current Nano holders who can not acces their balances on BitGrail at the moment.
My advice
If you are a holder of Nano, do not panic. The development team is still running strong and the max supply of Nano is still the same.
I am not holding any Nano yet, but with the current price being approximately 25% of its all time high it seems like a good crypto to add to my portfolio. Time will tell what Nano has in store for us.
Thank you all for reading and I would love to see your opinion in the comment section! (ooh and do not forget to up-vote)
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Just after the incident, XRB dropped a lot!
Out of the topic, ArcBlock, WePower are done with their ICOs. I have written a review on them. Check them out if you wanna. I am new to this blogging business and your review might be helpful in structuring my posts.
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Hello Iamjustice443,
Yes, a lot of people lost their faith in the currency. The reason for this is that most people do not want to hold something that could crash at any time, as a result to the scammer that might dump 165 million worth of the currency.
Thank you for showing interest in my post.
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The BitGrail saga is a sad moment for crypto, we need to retain money in the hands of investors and not scammers/hackers.
It is yet another reminder to always keep your coins off exchanges as much as possible. I know some people were very unlucky with Bitgrail as withdrawal limits were put in place shortly after they purchased. Always do your due diligence before investing in an exchange.
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Hello Cryptocartagraph,
Yes indeed, but do not forget that majority of the people only invest a few 100 bucks and the exchanges ask expensive fees to send your crypto to a wallet.
Thank you for showing interest in my post.
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Just when the markets on the rise again more FUD like this happens ............:(
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Hello Cryptorangers,
Yeah the timing could not be worse. Luckily it seems that the market is starting to get back to its feet.
Thank you for showing interest in my post.
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You got a 8.70% upvote from @bearwards courtesy of @jean-paulc!
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