The hack on BitGrail exchange in 2018 has led to yet another class suit action been filed in the Federal Court in California. This time around the followings are the defendants in the class suit action four people, Francesco Firano, BitGrail, and Nano as a firm. They will have to prove to the California court that the allegations leveled against them don’t hold any merit.
At the leading front of the second class suit action is James Fabian who is accusing the defendants of violating the Securities Act and defrauding them. To convince their investors the defendants assured them that BitGrail exchange is a safe and secure exchange that they trust. With their defendant’s assurance followed by guiding investors when making their investments, the plaintiff among other investors bought XRB from BitGrail exchange. Instead of securing their investments the hack took place leading to a loss amounting to $150 million. Mr. Fabian who had injected $260,000 lost all his investment while Alex Brola who had investments worth $50,000 in Nano lost his initial amount which had increased to $237,000. The latter was a plaintiff in the first lawsuit.
According to Fabian’s advocate view Nano alongside Nano coin core team together with BitGrail exchange, should be held accountable for the losses. According to him when the defendants become liable from the moment they advised their investors to make all their purchases from BitGrail and proceed to store the coins at the same exchange. Furthermore, they also violated the securities act in place. Mr. James Silver Fabians lawyer divulged the above information to a respondent from Law360. Moreover, according to Law360, the current case focuses more on developers. Besides Fabian lawyer, Levi & Korsinsky LLP will also be present in the court proceedings. The latter is a law firm conversant with crypto cases having represented clients.
Nano Developer Try To Sanctify Themselves from BitGrail Hack
In a bid to try and sanctify themselves from BitGrail crimes Nano developers went to court and filed a lawsuit against BitGrail. Similarly, they are also funding a lawsuit against BitGrail.
Defendants Reject the Fork Proposal
To solve the above situation once and for all the defendants were presented with a rescue fork operation which could salvage the whole situation but they rejected the fork proposal. Through the fork, the latter would rewrite the codes on XRB which would help protect their property rights.