The Nano altcoin is in the current news on our DC Forecasts crypto news site for the second time. The developers behind the Nano cryptocurrency are reportedly facing a class action lawsuit which names Francesco Firano, Nano as an entity, BitGrail and four others in a lawsuit proposed on Friday in a California federal court.
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The lawsuit alleges the defendants as tricked investors. Meanwhile, the Nano cryptocurrency was once worth $50 but is now around $1.
Firano last tweeted about the BitGrail situation back in June 2018, saying that he hadn’t accessed the deposits of Bitgrail yet – and that they requested a follow-up on the legal actions that were promised by the parties. He also told the people who were contacting him to stop doing that as he can’t help them. (translated from Italian)
Se non l’aveste capito, io non ho più accesso ai fondi depositati su bitgrail.
Sono stati sequestrati a seguito delle azioni legali promosse da Espen Enger.
È inutile che continuiate a contattarmi, ormai io non posso fare più niente.
Dovrete aspettare il tribunale.
— Francesco The Bomber (@bomberfrancy) June 16, 2018
According to Law360, the current lawsuit draws heavily on the activities of the Nano developers and on a lawsuit that was withdrawn last year. In another suit, a plaintiff named Alex Brola said that he had invested more than $50,000 in Nano and that his investment grew to $237,000 before he lost everything in the BitGrail breach.
Right now, if the plaintiffs can prove that Nano was acting illegally, their changes of winning the suit are a lot greater. As one crypto media outlet cited:
“Being a registered or unregistered security is like the difference between hitting someone with and without car insurance. In the latter case, you are 100% liable. In the former, your insurance may absorb some or all of your responsibility.”
Today, more than 70% of Nano’s volume takes place on the massive exchange Binance.
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