Class Action Lawsuit Filed Against Nano Devs

nano class action

Nano, formerly named RaiBlocks, has struggled as a cryptocurrency in 2018 at no fault of its own. After being the crypto central to an alleged major cryptocurrency hack of the Italian crypto exchange BitGrail that resulted in over 170M in Nano being lost or stolen.

The exchange’s CEO Francesco Firano had initially requested that the developers of Nano complete a hard “rescue” fork to create a new blockchain and essentially reverse the BitGrail hack. The solution was turned down by the Nano devs.

However, a new class action lawsuit filed in the United States District Court Eastern District of New York on behalf of Nano investors, may be forcing the devs to reconsider.

In a lawsuit filed by Alex Brola via the Silver Miller Law Firm, the lawsuit alleges the Nano developers violated US securities laws and negligently recommended BitGrail as one of the exchanges Nano – XRB at the time – was available at. The lawsuit demands that the court order the Nano core team to complete what was initially proposed by Firano and “rescue fork” the missing Nano “into a new cryptocurrency in a manner that would fairly compensate the class of victims.”

Alex Brola is the main plaintiff in the suit, but Silver Miller plans to contact “at least hundreds if not thousands of the putative Class members.” Silver Miller considers themselves a “strong advocate for aggrieved investors” in the crypto space, and working on lawsuits against various exchanges, services, and ICO promoters.

BitGrail customers are not at a complete loss, with BitGrail having pledged to partially reimburse customers exposed to the hack, by returning a portion of the lost Nano and offering up a new BitGrailShares token that can be used to trade on the Italian exchange.