Nano Cryptocurrency Faces Lawsuit Over BitGrail Hack
Nano cryptocurrency developers and other parties are facing a class action lawsuit for the second time. The lawsuit fingers Francesco Firano, Nano as an entity, BitGrail, and four others in a lawsuit proposed Friday in a California federal court.
In the list of the allegations against them are fraud and violations of the Securities Act. The lawsuit claims that the defendants tricked investors. Nano was once worth more than $50 but now it is around $1.
Firano last tweeted about the BitGrail situation back in June 2018. The handle tweeted:
“Se non l’aveste capito, io non ho più accesso ai fondi depositati su bitgrail.
Sono stati sequestrati a seguito delle azioni legali promosse da Espen Enger.
È inutile che continuiate a contattarmi, ormai io non posso fare più niente.
Dovrete aspettare il tribunale.”
The plaintiffs, who are led by James Fabian in the class-action said:
“Throughout the Class Period as defined below, Defendants directed the investing public to purchase XRB through BitGrail by providing specific investment instructions and assurances that the cryptocurrency exchange was secure and could be trusted to safeguard investment assets.”
Fabian is a litigation secretary in San Francisco. He was also an investor in Nano. Fabian lost $260,000 in the BitGrail hack.
Law360 reported that the current suit draws heavily on the activities of Nano developers and on a lawsuit that was withdrawn last year. In the other suit, a plaintiff named Alex Brola said he had invested $50,000 into Nano. His investment grew to $237,000 before he lost everything.