US based Nano investor files a lawsuit against the firm demanding a recovery fork

A lawsuit has been filed against the Nano’s core team by an American individual named Alex Brola through Steven Miller Law Firm. The team has been accused of violating U.S security laws by selling unregistered securities and ineligible recommendations to rely on cryptocurrency exchange platform BitGrail for storing Nano.

The Italian cryptocurrency exchange platform was banned in the month of February after 17 million XRB (Nano was known as Raiblocks [XRB] earlier) was stolen. Previous reports say that 13 percent of the circulating money was stolen by the owner of BitGrail which was a sole platform for XRB trading.

The lawsuit demands Nano team to perform a hard fork to recover the entire amount which was lost during the month of February. More than a hundred investors were affected by the incident. Alex Brola is one among them who bought $50,000 thousand worth Nano in the month of December 2017. Silver Miller Law Firm will be contacting all the investors during the investigation. Silver Miller is well known for establishing themselves in cryptocurrency lawsuit. If the evidence is found to be against BitGrail, legal actions will be taken against the firm.

Though the Nano software was open source, the Nano developers were providing the unlicensed securities to all the users. Currently, according to Cointelegraph, the lawsuit is investigating if the fault is on BitGrail’s part or on the Nano developers’ since both the parties were shifting blame at each other when the scam took place. It was also noticed that the exchange platform did not install the Nano software correctly which made it vulnerable to theft. According to the suit, most of the cryptocurrency holders are against the BitGrail team instead of Nano developers.

Nate, a blockchain expert says:

“First, a “recovery fork” won’t guarantee lost funds, only lost tokens, which won’t be worth much if (secondly) the price tanks because #nano was proven to NOT be a decentralized public blockchain because it could be sued and forced to fork in the first place.#LiveAndLearn

A Twitterati says:

“This has a lot of important points to watch. Lots of case law can be made here. Most notably, the plaintiff is asking for nano to fork to repay owners who lost coins. If they rule yes then this can be used in the future. Should the gov be able to make u fork?”

The post US based Nano investor files a lawsuit against the firm demanding a recovery fork appeared first on AMBCrypto.

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