BitGrail: The Disappearing Act #shorts

7 Mar 2023 · 1 min

Watch on YouTube

0:54

The short, narrated by The Art of Crypto, recounts the 2018 BitGrail exchange hack in which approximately $195 million worth of Nano tokens were stolen. It explains that exchange founder Francesco Ferrano initially blamed a flaw in Nano’s code, but later investigations exposed severe security shortcomings at BitGrail and revealed that Ferrano had known about the vulnerability for months. The Nano community mobilized to investigate, tracing portions of the stolen funds to other exchanges such as Binance and KuCoin, though most of the assets remain unrecovered and victims are still uncompensated. The video concludes with the cautionary reminder “not your keys, not your coins” and a call to follow for more crypto content.

Chapters

In February of 2018, $195 million worth of Nano tokens was stolen from the Italian cryptocurrency exchange Bitgrail. It was later discovered that the hacker was able to transfer tokens apparently without authorization, which is weird. So when asked, the exchange's founder, Francesco Ferrano, claimed that the hack was the result of a flaw in Nano's code. But subsequent investigations revealed a much darker truth, that the exchange's security was severely lacking. And it was also discovered that Ferrano had been aware of the vulnerability stability for months before the hack occurred. The Nano community quickly rallied together to investigate the hack, and they were able to trace some of the stolen funds to exchanges like Binance and KuCoin. Hurrah, the power of community! However, the majority of the stolen funds remain missing, and the victims of the hack have yet to be fully compensated. So remember, not your keys, not your coins. Follow for more.