Lawsuit Filed Against Nano Developers

Lawsuit against company, formally known as Raiblocks, is filed by US citizen Alex Brola
09 April 2018   571

Lawsuit against the developers of Nano cryptocurrency (formerly Raiblocks) was filed in the New York District Court. This is reported by Cointelegraph.

The suit was filed by US citizen Alex Brola through the law firm Silver Miller. He argues that the Nano developers violated the securities law and were negligent, releasing their crypto currency at the BitGrail exchange, with which about 17 million Nano ($ 187 million at the time of the hacking) were stolen in mid-February.

The plaintiff demands issuing an order that would oblige Nano to conduct a "saving fork" in order to issue a new crypto currency in order to "fairly compensate" the losses of the participants in the claim.

Although the plaintiff in the case is Brola, who bought $ 50,000 worth nanos on December 10, Silver Miller claims that "there are hundreds, if not thousands, of potential participants in the class action" that the company intends to contact during the defendant's review of the plaintiff's materials.

Silver Miller declares itself as "a strong defender of defrauded investors who suffered as a result of the actions of stock exchanges of crypto-currencies and issuers." Currently, the company conducts group suits against such crypto-currency firms as Coinbase, Kraken, BitConnect, Cryptsy, Monkey Capital, Giga Watt and Tezos.

Earlier, BitGrail founder and operator Francesco Firano presented investors with a plan for recovering stolen funds, which can be implemented if they agree not to go to court.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.