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Italian BitGrail Crypto-Exchange Shuts Down After Court Order

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Wed, 2/05/2018 - 23:26
Italian BitGrail Crypto-Exchange Shuts Down After Court Order
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Italian cryptocurrency exchange BitGrail was asked to shut down by court order after reopening operations on Tuesday, the company says.

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The exchange was initially shut down in February after 17 million Nano tokens (XRB)  worth $140 mln were found to be missing, and reopened for trading yesterday at 10:00 UTC only to be shut down five hours later at 13:20 UTC.

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BitGrail wrote in a statement on its website:

“This morning, following the reopening, we were notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts, about the precautionary suspension request made by the Bonelli law office on behalf of a client. The decision is scheduled for May 16, 2018.”

BitGrail contends that “unauthorized transactions” that removed the tokens from the exchange occurred due to a bug in the exchange’s software.

BitGrail says:

“To date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds.”

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