Nano (XRB) price falls as news surrounds BitGrail’s Insolvency.

The troubled exchange BitGrail is in lock down, with a statement explaining the current situation

Owner and operator of the troubled‘ BitGrail’ exchange, Francesco “The Bomber” Firano, has contacted the Nano XRB formerly RaiBlocks’ team about an apparent loss of XRB, in his own words ‘We founds a massive lost in our wallet’.

Read the full exchanged between Francesco and the Nano team here:

https://www.dropbox.com/s/3g38y67luolfvqs/Colin_ZS_Bitgrail_chat_log.pdf

The exact amount? BitGrail claims 17 Million XRB was removed from their Nano wallet. In desperation the BitGrail founder was requesting the Nano team fork the currency platform to effectively reverse the fraudulent transactions, a request that was quickly denied.

You can read the Official Nano statement here:
https://medium.com/@nanocurrency/official-statement-regrading-bitgrail-insolvency-ed4422bf274b

Within hours of the news breaking the price of Nano XRB has fallen sharply, down 14% and currently sits at USD 9.67 upon writing this article.

It comes as no surprise to many, BitGrail has received bad press over the last few months, with the sudden locking of accounts and requesting verification being the overwhelming dilemma. Some users reported waiting months to have their account verified, and it would appear most were never verified at all.

A handful of lucky ones managed to withdraw their funds by requesting an account termination, funds converted and returned in BTC. It is unknown how many got out the exchange, but it is quite clear that many people will go down with this sinking ship.