How to Hack an Exchange: The Tragic Story of Bitgrail


The head of the BitGrail crypto exchange accused of fraud

  • The head of BitGrail is involved in a hacker attack on his own exchange

  • Users lost more than $ 195 million in Nano tokens

  • BitGrail CEO follows in Quadrigacx’s footsteps

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Italian police accused the head of the BitGrail cryptocurrency exchange of staging a hacker attack and stealing 120 million euros in the Nano cryptocurrency.

Stole from himself: new details in the BitGrail case

The news of the hacker attack on the BitGrail exchange, which resulted in the loss of Nano crypto coins worth over $ 195 million, appeared back in 2018. The CEO of the exchange, Francesco Firano, announced it. As a result of the hack, 230 thousand users lost their money, and the police called the incident unique.

The head of the BitGrail crypto exchange accused of fraud

The authorities set out to find the fraudster and bring him to justice.

Two years later, new circumstances emerged in the BitGrail case. During the investigation, it turned out that Francesco Firano was personally involved in the hacker attack, who appears in official documents under the initials F.F. According to Reuters, police are not yet sure exactly how Firano was involved in stealing coins from his own exchange, but this fact is indisputable..

“It is unclear whether he was actively involved in the theft or simply chose not to tighten security after his discovery,” said Ivano Gabrielli, director of the National Cybercrime Center (CNAIPIC).

Police said it would have been easy to prevent theft after the first breach was discovered, but instead “FF deliberately failed to prevent attacks”, which allowed hackers to withdraw Nano coins from the accounts.

Investigation continues.

Fraudsters among crypto exchange CEOs are not uncommon

In 2018, another CEO of the crypto-exchange got into the ranks of scammers.

The head of the BitGrail crypto exchange accused of fraud

It was the founder of Quadrigacx Gerald Cotten, who died under mysterious circumstances, taking with him the keys to the cold wallets where the depositors’ funds were kept.

After Cotten’s death, someone withdrew $ 190 million worth of coins from the exchange, which aroused suspicion among users. According to the deceived clients themselves, as well as the investigative authorities of the United States and Canada, the founder of Quadrigacx may well be alive. A number of evidence points to this..

The head of the BitGrail crypto exchange accused of fraud

So the publication Vanity Fair writes that after his death, a man similar to Gerald Cotten bought himself an expensive yacht for travel.

The depositors believe that Gerald faked his death in order to steal money and disappear under a different name and surname. It has not yet been established whether Gerald Cotten actually died or not. If it turns out that he is alive, then the swindler will have to appear before the courts of several countries at once and return the misappropriated money of clients.


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