BitGrail Expected to Resume Trading and Give Users 20% of Their Nano Back
The founder of the recently hacked exchange BitGrail says the site is almost ready to reopen for trading and a firm date will be revealed soon.
The announcement surfaced on BitGrailVictims, a group on Telegram that says it received and translated a document sent by BitGrail’s founder, who calls himself “Bomber”. The community is made up of some of the users of BitGrail who in total lost about $170 million worth of Nano tokens (XRB) in early February.
According to the document, The Bomber still believes BitGrail is not responsible for the theft and has no obligation to refund stolen coins.
When the site relaunches, users will be able to withdraw 20% of their Nano, and the remaining 80% will be handed out in a new token called BGS, that will not be immediately available for withdrawal or deposit. Bitgrail claims it will then use 50% of its profits from the platform to buy back BGS at a fixed price of $10.50 per BGS.
Bitgrail update from a source close to them.https://t.co/oF5I2J9HD0$NANO #NANO #BITGRAIL
— Crypto News And Views. (@Crypto_News247) March 13, 2018
Here is a look at the roughly translated list of bullet points from the document:
– Bitgrail still plans reopen soon, and the exact date will be announced soon
– Bitgrail still sees itself as not responsible for the theft and therefore has no obligation to refund stolen coins
– Purely voluntarily to help affected customers, Bitgrail is going to create a cash fund to reimburse customers for stolen funds over time
– For this a new token BGS (Bitgrail Shares) will be established on the platform
– On reopen for all non-nano funds will be available and withdrawable, nano balance will be set to 20% of what it was before, for the remaining 80% according number of BGS will be in the wallet, not withdrawable or depositable, but tradable
– In the future BGS might be converted into a cryptocurrency token that might be withdrawable and tradable elsewhere
– Each end of 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
– Use of platform after reopen qill require a waiver of all rights for legal action, this will include a paper that users need to doanload, sign and reupload
– Non-eu users will get BGS as well, but will be excluded from trading until Bitgrail has reached the required international compliances
– Bitgrail is planning to increase its competitiveness as an exchange by e.g. adding new crypto pairs to trading, improved user interface, mobile apps, referral link system, possibly a BGS based voting system for which crypto pairs to add
Disclaimer: The opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility.
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