Italian court forces BitGrail CEO to repay $170M in ‘lost’ cryptocurrency (thenextweb.com)
An Italian judge has reportedly ordered Francesco Firano, founder of shady cryptocurrency exchange BitGrail, to repay the $170 million worth of cryptocurrency that went “Missing” early last year.
The docs suggest Firano continuously bungled security matters related to the private keys of BitGrail users, and at one point, had transferred customer funds into wallets under direct BitGrail control.
The shared court docs stated more than $1 million in personal assets had already been seized, along with millions of dollars in cryptocurrency that was being managed by BitGrail.
Perhaps the most damning detail relates to how, in the days before revealing that $170 million worth of user’s cryptocurrency had been “Lost,” Firano deposited 230 Bitcoins onto another cryptocurrency exchange in a bid to exchange it for Euros.
An unfortunate question remains over just how much cryptocurrency Firano will be able to pay back.
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