In a rather interesting development of events, Italian exchange Bitgrail announced today that they will be refunding victims of an altcoin hack with a self-issued token. The token will be called “Bitgrail Shares” (BGS) and will have an initial price of 10.5$ per token.
This was revealed in a document released by the admin and creator of a telegram group of the victims of the said hack. In the document, it is specified that when the exchange reopens operations, the Nano victims will be reimbursed with 20% of nano coins and 80% of the alluded new tokens. It states:
Each end of the month, Bitgrail will use 50% of platform profits to buy back BGS from customer proportionally, at a fixed buyback price of 10.5$ / BGS. Of course alternatively, users can trade their BGS on the platform for market price instead of fixed buyback price.
It is still unclear who has the responsibility of the alleged “hack”, or if it was a hack. There has been a lot of finger-pointing in this incident, but without evidence to support them. Bitgrail claims that the hack was the result of a wallet vulnerability and that they don’t have any responsibility whatsoever in this incident. But the Nano team believes otherwise. They suspect that Bitgrail may have performed an exit scam; the company was facing liquidity problems at the time and many customers couldn’t withdraw their money. Until the investigators find what really happened, there is nothing more than speculation.
Nonetheless, this is a welcome outcome for the affected users. After the incident happened, Mr. Francesco Firano, head of Bitgrail declared in an interview that paying users for the hack would be “impossible”. Still, non-EU residents are getting the short end of the stick, because they will be reimbursed at a later date. A confusing move that could be interpreted by some as an admission of guilt, but that will benefit Nano holders on Bitgrail.