Recently, a well-known cryptocurrency exchange published a statement in which it is claiming that it lost about 17 million tokens of the Nano cryptocurrency, formerly known as RaiBlocks. The virtual currencies had a market value equivalent to the US $170 million, hence, the cryptocurrency exchange becomes insolvent.
This Cryptocurrency Exchange Becomes Insolvent After Losing $170 Million
It is not by chance that so many people have been talking about the popular cryptocurrency, of course, Bitcoin. The cryptocurrency Bitcoin broke all historic records in 2017, and many people believe that it will not only continue this exponential rise, as one day it may replace the currency we have.
However, many consider that the Bitcoin currency is nothing more than a “bubble scheme”, the truth is that it is really volatile. As we all know that how the value of the popular and most used cryptocurrency, of course, Bitcoin goes down and up which clearly shows its volatility.
Recently, the well-known Italian exchange BitGrail published a statement in which it is claiming that it lost about 17 million tokens of the Nano cryptocurrency, formerly known as RaiBlocks. The virtual currencies had a market value equivalent to the US $170 million.
BitGrail was one of the first exchange houses to support Nano (XRB), which came up to solve the problems of today’s crypto-coins, such as Bitcoin, including low transaction capacity, delayed confirmations and high power consumption. In December 2017, the Nano was worth $0.20 per coin; a month later, peaked at $37.62, up more than 18,000 percent.
A disappearance of 17 million tokens means that almost 13% of all Nanos left the hands of their true owners. The cryptocurrency has a maximum of 133.2 million tokens in circulation and, unlike bitcoin, is not minable, it means that no new currency will be issued.
In a statement, BitGrail claims that other crypto-coins traded by the exchange, such as Ethereum, Litecoin and Bitcoin, were not affected by the attack. The company apologized for the “illegal transfers” made with customers’ money and on Twitter says it will not be possible to return everything that was lost. All withdrawals and deposits at the exchange office were suspended.
So, what do you think about this insolvency of this well-known cryptocurrency exchange? Simply share all your views and thoughts in the comment section below.