Strange Twists And Turns Of Nano And BitGrail Since The $150 Mln Hack

In the end, $150 mln worth of Nano was stolen, and given all the finger pointing, it is still unclear where the fault lies.

The latest development in the ongoing saga is that BitGrail will refund the missing Nano but with the caveat being that no one is allowed to sue them.

The hackers claimed Nano coins as their prize, and up until that time, Nano, which is currently 29th in terms of market cap, at $851,357, was one of their biggest coins.

"...Firano informed us of missing funds from BitGrail's wallet. An option suggested by Firano was to modify the ledger in order to cover his losses - which is not possible, nor is it a direction we would ever pursue" Nano wrote in a Medium post.

"We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time".

In the post Nano also made it clear that they do not believe the hack had anything to do with their protocol.

It got to a point where Nano stated that they would even help pay the legal bills of those who sought to take on BitGrail in court.

The Nano Foundation announced it will sponsor a legal fund to provide all victims of the hack with equal access to representation to pursue their legal interests associated with BitGrail's insolvency.

The users who were affected by the theft were refunded 20 percent of their lost amount in XRB, with the remaining 80 percent to be covered by BGS. They also reiterated that they are not taking the responsibility for the hack, still pointing in the direction of Nano and its alleged protocol problems.

Zack Shapiro, one of the Core team for Nano, tweeted on Jan. 12 that the funds were perfectly safe on BitGrail, despite the concerns of frozen funds almost a month before the hack.