NANO (XRB) Slides Below $9 on Repercussions of BitGrail Losses

The niche exchange Bitgrail last promised to solve the XRB withdrawal problem on February 14. But coins might have been lost irretrievably.

The NANO (XRB) cryptocurrency started its arrival as a highly visible asset with a rapid climb – but also a technical glitch, freezing withdrawals from one of the few exchanges that listed the asset, BitGrail. Despite the fact that BitGrail promised until the last to solve the problem, in the end, a hack took away $170 million’s worth of XRB.

To add insult to injury, the withdrawal problem has not been solved, and withdrawals are blocked again.

We are working hard to reopen soon, doing everything we can to solve the current situation. Thank you for your understanding.

— BitGrail Exchange (@BitGrail) February 14, 2018

But the troubles don’t end here. A scam account based on BitGrail is also running a fake “distribution program”, active since February 14. Scammers require 0.003 BTC and promise a return of 0.05 BTC.

Read More on the BitGrail Heist:

Italian Crypto Exchange Hacked; Owner Fending Off Manipulation Claims

The NANO Developer Team Managed the Crisis

The losses on BitGrail were a hit on the image of XRB, which has been sliding in price, hovering around $9.36. Until recently, the team calmed down investors who wanted to move the already valuable XRB coins to wallets, but the exchange made withdrawals impossible. Later, the team stated that:

“We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.”

The discussion of the dev team with the BitGrail founder has been saved in full for a full explanation of the events.

But despite the attempts at crisis management, the price of XRB got depressed, and slid in the past month, especially after the theft was revealed. On the positive side, the team announced a significant update to Nano Node version 10:

We’re excited to announce the release of Nano Node v10!$nanohttps://t.co/lQNYp0ygsa pic.twitter.com/iK11hH5HLp

— Nano (@nanocurrency) February 15, 2018

Additionally, the XRB digital asset is now more active on the Nanex.com exchange, where it can be bought or sold for Litecoin (LTC). Volumes are still very small, at about 23 LTC a day, but only a few days earlier were as low as 4 LTC in 24 hours.

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