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Italian police Accuse exchange operator BitGrail of Stealing $120 Million worth of Crypto Assets

Italian police Accuse exchange operator BitGrail of Stealing $120 Million worth of Crypto Assets

Italian police accuse the manager of the bankrupt BitGrail exchange of a series of hacks of the site, during which crypto assets worth €120 million were stolen.

Police said that the manager of the BitGrail cryptocurrency exchange, which was declared bankrupt last year, is suspected of a series of hacks that led to the theft of crypto assets worth €120 million. As a result, more than 230,000 users lost their money.

“This is the largest financial cyberattack in Italy and one of the largest in the world. For the first time in Italy and Europe, we have documented fraudulent actions to the detriment of investors committed exclusively on IT platforms using crypto assets, ” the police said.

The main suspect in the theft of money is a 34 – year-old resident of Florence with the initials F. F. We can talk about Francesco Firano (Francesco Firano) – the founder of the platform, who has already appeared in court proceedings about the loss of crypto assets from the exchange.

However, the full name of the suspect is not disclosed. He faces charges of computer fraud, fraudulent bankruptcy and money laundering. In February 2018, F. F. himself went to the police to report the hacking and loss of a “huge amount” of Nano Coin.

The director of the National Center for Cybercrime (CNAIPIC), Ivano Gabrielli, said that after the investigation began, it became clear that the head of BitGrail was involved in the theft.

“It is not yet clear whether he took an active part in the theft or simply decided not to strengthen security measures after the break – ins were discovered,” he said.

The police said that the theft would have been easily prevented after the first break-in was detected, but instead “F. F. deliberately did not do it,” which allowed Nano Coin to be withdrawn from the accounts.

In February 2018, the BitGrail cryptocurrency exchange, which specialized in trading Nano Coin, stopped all operations after losing 17 million XRB. In 2019, the court found that the site’s founder, Francesco Firano, improperly addressed security issues related to the private keys of BitGrail users.

One of these decisions was his alleged transfer of clients ‘ money to wallets owned by the exchange. At the time, the court said that Firano failed to implement proper precautions to prevent unauthorized withdrawal of crypto assets from the exchange.