Two US Law Firms File Class-Action Suit Against Nano and Bitgrail
- The lawsuit is seeking a hard fork for Nano.

Two law firms in the United States - Silver Miller and Levi Korsinsky - have filed a class action lawsuit against the controversial Italian cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Bitgrail and the developers of the altcoin Nano.
Both firms are representing James Fabian, who invested in Nano and “all other persons similarly situated.”
The lawsuit alleges that Nano and key members of its core team violated federal securities laws. The complaint further alleges that the developers, with an intention to push Nano into an ideal market of investors, recklessly directed investors to open accounts and place their assets with a little known, and severely troubled, Italian cryptocurrency exchange.
In addition, the complaint further accuses Nano and its core team of engaging in an unregistered offering and sale of securities that violated multiple federal securities laws in the United States.
Bitgrail Controversy
In early 2018, $170 million worth of Nano coins suddenly disappeared from Bitgrail. Though details of the theft were unclear initially, many tech-savvy investors accused the exchange of not fixing some major known vulnerabilities. Later, the investors' outrage turned very ugly and the founder of the exchange, Francesco “The Bomber” Firano, was accused of theft, fraud, and even faced death threats on social media.
The exchange’s take on the hack also remained very controversial as it did not consider itself to be responsible for the theft or obligated to return the stolen money. Moreover, after showcasing a plan to reimburse customers “voluntarily” the exchange retracted it saying that it has no money to repay the victims.
NANO on BitGrail have been stolen.
— Francesco The Bomber (@bomberfrancy) February 9, 2018
Unfortunately there is no way to give it back to you at 100% (we only got 4 MLN XRN right now).
The devs, as you have guessed, dont want to collaborate
A couple of months after the theft, a similar class action lawsuit was filed in a US court seeking a court-ordered hard Fork Fork A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software that can result in the formation of a new blockchain, and a new cryptocurrency to go with it.Soft and Hard ForksA soft fork is a software upgrade that is compatible with previous versions of a blockchain network’s software. In other words, even if a miner doesn’t agree to install the upgrade, that miner’s software can still interact with the network. However, if the majority of miners on a network install the upgrade, there will come a point at which transactions confirmed by miners operating on the old version of the software will be made stale.A hard fork is a permanent divulgence from a blockchain. In other words, it occurs when a new set of consensus rules that are not compatible with the old rules is introduced onto a blockchain network. All participants on a network are required to upgrade onto the new version of the software in order to continue confirmation transactions. If there is enough support for the old version of a blockchain affected by a hard fork, then the two versions of the blockchains will operate independently of one another with two different cryptocurrencies. Two famous examples of this are the split between Ethereum and Ethereum Classic, and Bitcoin and Bitcoin Cash. A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software that can result in the formation of a new blockchain, and a new cryptocurrency to go with it.Soft and Hard ForksA soft fork is a software upgrade that is compatible with previous versions of a blockchain network’s software. In other words, even if a miner doesn’t agree to install the upgrade, that miner’s software can still interact with the network. However, if the majority of miners on a network install the upgrade, there will come a point at which transactions confirmed by miners operating on the old version of the software will be made stale.A hard fork is a permanent divulgence from a blockchain. In other words, it occurs when a new set of consensus rules that are not compatible with the old rules is introduced onto a blockchain network. All participants on a network are required to upgrade onto the new version of the software in order to continue confirmation transactions. If there is enough support for the old version of a blockchain affected by a hard fork, then the two versions of the blockchains will operate independently of one another with two different cryptocurrencies. Two famous examples of this are the split between Ethereum and Ethereum Classic, and Bitcoin and Bitcoin Cash. Read this Term of the cryptocurrency. Interestingly, the core community of Nano also turned against Bitgrail and announced the setting up of a legal fund for the victims.
In the recent lawsuit, Silver Miller and Levi Korsinsky are asking the Court to rescind the plaintiff class' investments in Nano and order a "rescue fork" to restore the allegedly missing Nano tokens into a new cryptocurrency in a manner that would fairly compensate the class of victims.
Two law firms in the United States - Silver Miller and Levi Korsinsky - have filed a class action lawsuit against the controversial Italian cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term Bitgrail and the developers of the altcoin Nano.
Both firms are representing James Fabian, who invested in Nano and “all other persons similarly situated.”
The lawsuit alleges that Nano and key members of its core team violated federal securities laws. The complaint further alleges that the developers, with an intention to push Nano into an ideal market of investors, recklessly directed investors to open accounts and place their assets with a little known, and severely troubled, Italian cryptocurrency exchange.
In addition, the complaint further accuses Nano and its core team of engaging in an unregistered offering and sale of securities that violated multiple federal securities laws in the United States.
Bitgrail Controversy
In early 2018, $170 million worth of Nano coins suddenly disappeared from Bitgrail. Though details of the theft were unclear initially, many tech-savvy investors accused the exchange of not fixing some major known vulnerabilities. Later, the investors' outrage turned very ugly and the founder of the exchange, Francesco “The Bomber” Firano, was accused of theft, fraud, and even faced death threats on social media.
The exchange’s take on the hack also remained very controversial as it did not consider itself to be responsible for the theft or obligated to return the stolen money. Moreover, after showcasing a plan to reimburse customers “voluntarily” the exchange retracted it saying that it has no money to repay the victims.
NANO on BitGrail have been stolen.
— Francesco The Bomber (@bomberfrancy) February 9, 2018
Unfortunately there is no way to give it back to you at 100% (we only got 4 MLN XRN right now).
The devs, as you have guessed, dont want to collaborate
A couple of months after the theft, a similar class action lawsuit was filed in a US court seeking a court-ordered hard Fork Fork A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software that can result in the formation of a new blockchain, and a new cryptocurrency to go with it.Soft and Hard ForksA soft fork is a software upgrade that is compatible with previous versions of a blockchain network’s software. In other words, even if a miner doesn’t agree to install the upgrade, that miner’s software can still interact with the network. However, if the majority of miners on a network install the upgrade, there will come a point at which transactions confirmed by miners operating on the old version of the software will be made stale.A hard fork is a permanent divulgence from a blockchain. In other words, it occurs when a new set of consensus rules that are not compatible with the old rules is introduced onto a blockchain network. All participants on a network are required to upgrade onto the new version of the software in order to continue confirmation transactions. If there is enough support for the old version of a blockchain affected by a hard fork, then the two versions of the blockchains will operate independently of one another with two different cryptocurrencies. Two famous examples of this are the split between Ethereum and Ethereum Classic, and Bitcoin and Bitcoin Cash. A fork can occur when a blockchain diverges into two potential paths forward, there is a change in protocol, or a scenario occurs in which two or more blocks have the same block height.Because blockchain networks are decentralized, the participants on the network must come to an agreement when it comes to things like software upgrades to a network. This is called consensus.When consensus cannot be achieved on a software upgrade, a fork occurs, effectively representing a divergence in software that can result in the formation of a new blockchain, and a new cryptocurrency to go with it.Soft and Hard ForksA soft fork is a software upgrade that is compatible with previous versions of a blockchain network’s software. In other words, even if a miner doesn’t agree to install the upgrade, that miner’s software can still interact with the network. However, if the majority of miners on a network install the upgrade, there will come a point at which transactions confirmed by miners operating on the old version of the software will be made stale.A hard fork is a permanent divulgence from a blockchain. In other words, it occurs when a new set of consensus rules that are not compatible with the old rules is introduced onto a blockchain network. All participants on a network are required to upgrade onto the new version of the software in order to continue confirmation transactions. If there is enough support for the old version of a blockchain affected by a hard fork, then the two versions of the blockchains will operate independently of one another with two different cryptocurrencies. Two famous examples of this are the split between Ethereum and Ethereum Classic, and Bitcoin and Bitcoin Cash. Read this Term of the cryptocurrency. Interestingly, the core community of Nano also turned against Bitgrail and announced the setting up of a legal fund for the victims.
In the recent lawsuit, Silver Miller and Levi Korsinsky are asking the Court to rescind the plaintiff class' investments in Nano and order a "rescue fork" to restore the allegedly missing Nano tokens into a new cryptocurrency in a manner that would fairly compensate the class of victims.