Nano lawsuit: core team promoted BitGrail

Nano lawsuit

Remember when BitGrail ‘lost’ $170 million of Nano? Nano lawsuit!

That was only last february – but since then the cryptomarkets did some other interesting sh!t, like going down the toilet and everything. Anyway, BitGrail has been consistently (albeit not very convincingly) pointing to Nano as being somehow responsible. And now, it seems like the Silver Miller law firm is following suit (get it?) with a Nano lawsuit.

The firm calls itself as a law firm for cryptocurrency investors (adoption!). Their class-action Nano lawsuit alleges that, basically, the Nano team is at fault for exposing investors to BitGrail. According to the suit, the defendants (Nano the company as well as the developers Colin LeMahieu, Mica Busch, Troy Retzer and Zack Shapiro) own millions of XRB, and have benefited greatly from promoting BitGrail as a safe and reliable exchange. The suit alleges that they kept doing this even when complaints about BitGrail started pouring in. The Nano lawsuit further alleges that the core team engaged in an unregistered offering and sale of securities and a violation of Section 5, 12(a) and 15 of the Securities Act of 1933.

To compensate investors, the firm basically demands all stolen Nano to be returned to their rightful owners. The missing XRB should be ‘resuce forked’ into a new cryptocurrency and distributed among the victims.

We are no lawyers, but somehow this feels like a reach. Obviously BitGrail messed things up, but how could the Nano team be held responsible? Let’s see how this plays out.

The Nano lawsuit was filed in the Eastern District of New York. The full 26-page version can be found here.


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