17 Million XRBs Stolen From BitGrail

17 Million XRBs Stolen From BitGrail

After hackers ran away with some $530 million from Coincheck, this time another exchange fell victim to thieves. BitGrail reported that $170 worth of Nano (XRB) or RaiBlocks, as that token was previously known. Currently XRB ranks 24th in CoinMarketCap with a market cap of $1.2 billion.

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After hackers ran away with some $530 million from Coincheck, this time another exchange fell victim to thieves. BitGrail reported that $170 worth of Nano (XRB) or RaiBlocks, as that token was previously known. Currently XRB ranks 24th in CoinMarketCap with a market cap of $1.2 billion.

Approximately 17 million Nano tokens had disappeared from BitGrail wallets and the exchange has launched investigations along with authorities. As a result, all transactions have been put on hold. Despite the gross sums stolen, BitGrail is considerably smaller compared to Binance and Coinbase.

It seems like smaller exchanges are all surrounded by controversies and users suspect them of fraudulent or at least suspicious activities. The catch is that unpopular currencies are first available on smaller exchanges and once added to bigger markets their prices surge. This is why experienced traders need to dig deeper for those altcoins in markets like BitGrail. Later, when the altcoins are available on BitStamp for example, they trade them at high premiums.

The problem is that often tiny markets have poor security measures and fail to support customers’ tickets. We discovered a Reddit post whose publisher says he lost $1.4 million in the attack. The user states that for more than a month prior to the attack he has been trying to withdraw his Nano funds but instead experienced some difficulties. According to him, BitGrail imposed a daily limit of 10 BTC before later shrinking it to one BTC.

Undoubtedly, this post raises questions such as whether the attack was staged. Remember Mt Gox? It seems like online markets have learned how to get hacked. Again, we have to note that cold wallets offer the best protection against theft. If traders are mature enough, they take care of their funds because obviously exchanges and online wallets are easily compromised.

 

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