Italian Authorities Seize Bitcoin From BitGrail

Italian Authorities Seize Bitcoin From BitGrail

Bitgrail, the Italian cryptocurrency exchange announced today that Bitcoin’s stored on the firm’s wallet were seized by Italian authorities according to this official announcement on June 15.

The authorities removed funds from Bitgrails wallet following a court order by Tribunal of Florence , however didn’t mention the entire worth of Bitcoin seized.

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The seizure follows a petition that was filed with the court’s by victims of the BitGrail hack. Court asserts state that the exchange is under article 6 bankruptcy according to Italian bankruptcy law. Espen Enger, a BitGrail creditor, filed on the half of over 3000 other claims who have allegedly been contacted so far.

Back in February 2018, the exchange suffered a massive cyber attack which caused the loss of 17 million Nano (XRB) which was roughly worth around $187 million at that time. Once trading was halted, the CEO of Bitgrail, Francesco Firano stated that it would be impossible to return the stolen funds.

It was unclear whether the hackers exploited a BitGrail security problem or Nano blockchain vulnerability; however this caused a series of arguments between the two foundations.

Nano later announced in April that it would support legal funds to provide victims of the hack with access to representation to pursue BitGrail over their missing funds.

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