The obscure Italian coin exchange BitGrail looks to be the latest cryptocurrency cautionary tale. On Friday, the site posted a notice to users informing them that hackers had made off with 17 million units of Nano (XRB), the coin formerly known as RaiBlocks.
While Nano was worth as little as 20 cents in late November, prices hovered around $10 late last week, putting the BitGrail losses at $170 million. Nano currently boasts a market capitalization of $1,287,013,24, the 24th largest of any cryptocurrency according to Coinmarketcap.
“… Internal checks revealed unauthorized transactions which led to a 17 million Nano shortfall, an amount forming part of the wallet managed by Bitgrail,” the site post stated. “Today a charge about those fraudulent activities has been submitted to the competent authorities and now is under police investigation.”
BitGrail’s note indicated that all transactions will be “temporarily suspended” while the incident is investigated. The Twitter account 