The legal exchange between BitGrail and the Nano Foundation is continuing to escalate. Today, the Nano Community announced that it is setting up a legal fund for the victims of the BitGrail hack in February who lost close to $170 million worth of Nano tokens.
After a class action lawsuit that is seeking a court-ordered hard fork of the cryptocurrency was filed yesterday, the Nano Foundation issued a response to the challenge which is further escalating the legal fightings with the BitGrail exchange.
In the official statement, the Nano Foundation said that it has chosen to offer help to the victims of the hack by sponsoring a legal fund. The aim of the effort is to ensure that users who can not afford to be legally represented are granted the opportunity to participate in a legal action against the Italian exchange.
Meet Espen Enger
Espen Enger, a representative of over 1400, supports the effort together Italian law firm Bonelli Erede. The Nano Foundation’s financial effort to support the legal fund represents a matching contribution to that of the victims.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
With the maximum contribution capped at $1 million, the aim of the effort is to support the legal case with a total of $2 million. For the time being the victims of the hack have raised over $300,000 in multiple currencies. The Nano Foundation’s move doubles the amount to over $600,000.
Legal Action Details
Over 1400 victims are currently looking for justice in Italy. The Nano Foundation clarified that those who are willing to join the effort are to send an email to Espen Enger at email@example.com.
All of the persons will need to submit their name, country of residence, and the amount of Nano in their BitGrail account. The lawyer on the case will be responding individually to every claim that is received.
The Nano Foundation and Enger have agreed that the legal fund will be spent solely on the victims’ efforts to pursue their legal interests in connection with the BitGrail insolvency.
“Mr. Enger has assured us that any money remaining after those efforts will be returned to the victims. Beyond the donations we make, Nano Foundation will not have any access to or control over the funds. We expect all future updates regarding the victims’ legal actions to come from Mr. Enger. Nano remains available to assist Mr. Enger and Bonelli Erede with any requests for information or technical assistance,” the official announcement elaborates.