Creditor petitions for declaration of bankruptcy for Bitgrail over Nano [NANO] theft

A petition has been filed by Italian law firm BonelliErede asking an Italian court to announce the entities that operated cryptocurrency exchange platform Bitgrail to declare bankruptcy. It was filed against Bitgrail and its Founder, Francesco Firano.

The petition in question was filed by Espen Enger, a Norwegian citizen who was one among many damaged by February’s hack of the platform. Over 3000 claimants made contact with Enger, who took up the responsibility of organizing the claims of those who lost money.

The hack caused investors to lose 17 million Nano, which was worth around $195 million. The Nano development team later said in a blog 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.”

This came after Firano announced on February 9th that:

“that internal checks revealed unauthorized transactions which led to a 17 million Nano shortfall….”

Mr. Enger then learned that a majority of the claimants preferred an immediate accounting of Bitgrail’s assets in bankruptcy. A further Twitter poll by Francesco asking whether Bitgrail should close or reopen reflected that 79% of respondents wanted the exchange to close.

After three months of no word from Firano, the Nano development team decided to pursue legal action. This comes after their announcement of a legal fund release for all Bitgrail victims.

They said in a blog post:

“In filing for a declaration of bankruptcy, a decision has been made to trust the Italian legal system to resolve the conflict. We are confident that the Italian authorities are best equipped to require Mr Firano to disclose the facts of what occurred and to reach a solution that is in the best interests of the victims.”

They then went on to say that a decision has been made to seek an equitable distribution of lost assets rather than permit private resolutions. This comes after Bitgrail’s announcement in March of refunding stolen Nano tokens as long as users sign an agreement to forgo any legal action.

They said in a press release:

“The use of the platform for the victims of the theft will be bound by the signature of a settlement agreement. The latter will be characterised by an expressed renouncement from the users to every type of legal action, and will have to be formalized through the compilation of a form.”

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