Embattled cryptocurrency exchange, Bitgrail, announced ongoing bankruptcy proceedings in Italy have turned full force, as the court seized the exchange’s bitcoin wallets. The ecosystem seems decidedly torn between addressing the fundamental cause, a hack that drained $170 million, and making victims whole.
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Italian Court Seizes Bitgrail’s Bitcoin
“On June 5, 2018, pursuant to the Tribunal of Florence orders,” Bitgrail posted Friday, a full eleven days after, “the Bitcoins contained in the company’s wallets were seized and brought under control of the judicial authorities pending further Court decisions in the pre-bankruptcy proceeding.”
Reaction was pretty fierce, if Twitter threads can be believed. @LucChase thundered, “Very bad news to see the court seized the remaining assets. Which idiot thought bringing the courts in could ever be a good move? We need Bitgrail to trade it’s way out of this mess. Now it is a guaranteed loss.” @Bitgrailed struck another note, claiming asset seizure was “Better than in your hands Firano.” @asael2 echoed a popular sentiment, asking, “Somebody know where this criminals live? Local authorities should be notified!” @LookItsLewis put a finer point on the affair, “Wow … and so everyone who predicted all of your funds would disappear and you’d shut down were correct. You should have let everyone withdraw their currency while there was still time. This is now (as if it wasn’t already) officially your fault.”
Indeed, the Italian court seized assets in what appears to be a foregone conclusion: bankruptcy, determination of findings, and eventual redistribution of what’s left to outstanding creditors and victims.
Nano Soldiers On
Bitgrail has had a tough go of early 2018, and was more or
