Nano Foundation To Match The Contributions Of Victims Of BitGrail Hack To Legal Fund

Nano Foundation Began Matching Contribution of BitGrail Hack Victims

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  • Espen Enger appears as the best representative for victims of BitGrail hack.
  • Nano Foundation, therefore, commences the matching of victims’ contribution to legal funds.

BitGrail Exchange: Last February, the BitGrail crypto exchange was hacked, losing about 17 million Nano tokens (about $187 million as of that time). This made the exchange become insolvent, with promises to launch an extensive investigation into what led to the loss and how the exchange could best support all victims of the of the BitGrail Hack.

The Nano Foundation stepped in to assist in sponsoring a legal fund to offer all victims of the BitGrail Hack with equal access to legal representation:

“…the best way to offer our help was to sponsor a legal fund to provide all victims with equal access to legal representation. We felt it was important to help ensure that victims who could not afford their own representation would receive the same quality of representation as those who could.”

To ensure this happens, Nano Foundation contacted Espen Enger on 24th Feb. 2018 to commence a legal fund. As at then, Espen Enger was a representative of about 600 BitGrail hack victims – though, more than 1400 victims now. After then, the Foundation also contacted Bonelli Erede Italian law firm, which worked together with Espen. The foundation concluded that:

“Mr. Enger was the best prepared person to manage a legal fund and a large group of BitGrail victims in their pursuit of justice in Italy.”

Nano Foundation published a blog post on Monday 9th April announcing that:

“As a result, we are announcing today [April 9] that Nano will be matching the contributions of the victims to the legal fund established by Mr. Enger — including both past and future donations, for up to $1 million — with a goal of establishing a total legal fund valued at $2 million.”

The blog post added that:

“the victims represented by Mr. Enger have raised over $300,000 in multiple currencies (including over 53,000 Nano tokens) on their own, which today will double to a value of over $600,000 with our donation.”

BitGrail stated that aside making donations, Nano Foundation would not have any control over or access to the funds.

The Nano Foundation said in the post:

“…all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.”

However, BitGrail repudiates being responsible for the hack, claiming that the Nano’s software is responsible for the fault.

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