Bitgrail has denied responsibility for the recent hack that saw the theft of 17 million XRB, or Nano, in comments made in a Telegram group for victims of the hack. Despite rejecting responsibility for the incident, the exchange states that it will “voluntarily” refund users through the creation and issuance of BGS tokens.
Bitgrail Operator Denies Responsibility for Hack
A document prepared by the operator of Bitgrail, Francesco “The Bomber” Firano, has been the subject of widespread reporting, following its dissemination to members of a Telegram group comprised of victims of Bitgrail’s hack.
A translated summary of the document has been made available by the Telegram group, as Mr. Firano apparently “did not want […] the whole doc[ument]” shared. The release of the translated document was approved by Mr. Firano.
The summary states that Bitgrail “plans [to] reopen soon,” adding that the date on which it will re-launch “will be announced soon.” The document also asserts that Bitgrail “still sees themselves as not responsible for the theft and therefore they believe they have no obligation to refund stolen coins”.
Bitgrail to Refund Users with BGS Tokens
Bitgrail states that “on reopen […] all non-nano funds will be available and withdrawable, nano balance will be set to 20% of what it was before.” In order to repay the remaining 80% of nano balances, Bitgrail states that it will “voluntarily” introduce a new token called BGS (Bitgrail Shares), which will be distributed to victims of the hack. Bitgrail claims that it will then purchase back the BGS tokens at a rate of “$10.50 USD” per token, with purchases set to take place at the end of each month. The summary states that Bitgrail will use half of its monthly profits to conduct the purchases.
Participation in the company’s “voluntar[y]” refund comes with a stipulation, however, as customers of the “platform after reopen will [be] requir[ed] to sign a “waiver of all rights for legal action.”