Bitcoin Forum

Bitcoins Seized From Bankrupt BitGrail by Italian Authorities

Authorities in Italy have seized bitcoins from the company wallets of controversial exchange BitGrail as part of standard pre-bankruptcy proceedings.

http://bitcoinist.com/italian-courts-seize-bitcoins-from-bankrupt-exchange-bitgrail/

Does anyone need any more reason to be wary of storing all their bitcoins on an exchange rather in a wallet they alone can access? In one fell swoop Italian authorities seized bitcoins probably belonging to different Bitgrail users over an issue that concerns Bitgrail and Nano (Railblock) and not bitcoins. The whole hacking and denial of insolvency story by Bitgrail looks a bit insincere in my opinion.

I`ve never heard about this BitGrail exchange platform.So this is just bankruptcy,it`s not a hack or some exit scam.Why so much competition among the big crypto exchange platforms a was expecting some platform to bankrupt.The sad news is that this bankruptcy might scare the italian people away and they will leave the cryptocurrency markets.

I never store large amounts of cryptocurrency on exchanges. It's unsafe. But it seems to me that a lot of capital faced problems with the loss of large sums on exchanges and began to leave the crypto currency. Maybe this was the cause of a sharp drop in demand for bitcoin this year.

Bitgrail exchange was little bit known when that NANO- Raiblocks incident happen. Even myself didnt heard this but when issue arise about nano then it seems out they do already ruined their credibility as an exchange. Now italian autorities seize out bitcoin. For what? Even though they are bankrupt its not just right to get coin holdings into its users. These kind of risk can happen on any exchange which as a user or trader we should really be sensible to store out our coins in our own wallet not the exchange ones.So, if theres a problem you wont really got worried into your holdings since you do have the full control.

They deserve it. Those greedy bastards just stole millions of nano(previously raiblocks) which they claim as a hack incident. Who would believe their story when Binance listed the coin and then it happened? They are so scared of losing profits that it caused them to create their own destruction.