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$200m worth of coins stolen from cryptocurrency exchange

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$200m worth of coins stolen from cryptocurrency exchange

By Stuart Marsh


What is Bitcoin?

BitGrail apologised to customers and said a police investigation was under way.

"We extend our sincerest apologies to our customers and to all those involved in the illegal transfer of Nano on our platform," BitGrail wrote.

"Today a charge about those fraudulent activities has been submitted to the competent authorities and now is under police investigation.

"Internal verification checks of the adequacy of the withdrawal operations, unauthorised transactions have emerged that have led to a shortfall of 17 Million of Nano, forming part of the portfolios managed by BitGrail."

Nano is said to have an advantage over Bitcoin as its individual blockchain technology allows transactions to occur almost instantly.

Despite losing $187m worth of customers’ digital assets, the BitGrail cyber heist fails to make even the top three digital cyber-hacking raids.

Last month Japanese crypto exchange Coincheck was forced to apologise to customers after losing a a staggering $526m worth of XEM to hackers in what is presumed to be the largest ever cryptocurrency theft.

In a rare move towards legitimacy, Coincheck has begun reimbursing its customers who were affected by the hack.

"We realise that this illicit transfer of funds from our platform and the resulting suspension in services has caused immense distress to our customers, other exchanges, and people throughout the cryptocurrency industry, and we would like to offer our deepest and humblest apologies to all of those involved," Coincheck said in a statement.

"In moving towards reopening our services, we are putting all of our efforts towards discovering the cause of the illicit transfer and overhauling and strengthening our security measures while simultaneously continuing in our efforts to register with the Financial Services Agency as a Virtual Currency Exchange Service Provider."

https://finance.nine.com.au/2018/02...ptocurrency-exchange-loses-nearly-200-million