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Reasons Why NANO Could Be Affected After 17 Million XRB Was Stolen From BitGrail

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BitGrail, the Italian crypto exchange, has announced recently that it has been hacked and 17 million XRB (NANO/RaiBlocks) were stolen. NANO could be affected by this, and here are three reasons why that could happen.

BitGrail faces bankruptcy

Francesco “The Bomber” Firano’s BitGrail wasn’t a top player in the cryptocurrencies exchange market, whatsoever, and it has been at the brink of insolvency before this happenings.

Now, that 17 million XRB was stolen right before his eyes, Firano is facing bankruptcy.

However, he blamed NANO network for this.

NANO response

NANO developers have checked their network and observed that nothing was wrong on their side, ensuring their clients that the network is still secured and that the 17 million XRB was stolen because of the security flaws of the BitGrail network.

However, experienced market players warned people about BitGrail

There were voices which told people about the problems related to the BitGrail exchange.

From security flaws to the fact that Francesco Firano is nothing else than a crook, all have been said.

However, BitGrail has been used by many people who overlooked the warnings.

Reasons why NANO could be affected after 17 Million XRB was stolen from BitGrail:

  1. Investments will decrease – The loss of 17 million XRP means 10% of the total XRB supply on the market. This will be a huge negativity cloud that will hover above NANO for a long time from now.
  2. NANO community will be affected significantly – The NANO will want to gain market share and this BitGrail-related situation will always be a warning for crypto enthusiasts to stay back.
  3. Early adopters quit – The NANO community reacted considerably against the people who lost their funds after the BitGrail was hacked. This hard-to-understand reaction of the community resulted wrong for NANO which lost early adopters who could have helped NANO grow.