Florence, 120 million euro cryptocurrency fraud: precautionary measure for former BitGrail administrator

Marco de Felice reports:

Prohibition of business activities and to hold the executive offices of the Company, that the protective order against FF, former managing director of BitGrail a platform for exchange criptovalute ( exchange ) .

According to the preliminary investigation judge Dr. Gianluca Mancuso, the 34-year-old Italian is allegedly responsible for a € 120 million IT fraud, fraudulent bankruptcy and self-laundering.

An investigative investigation started in February 2018 conducted by the Florence Compartment, with the collaboration of the financiers on duty at the Florentine Public Prosecutor’s Office, after the same FF had filed a complaint concerning the theft of 120 million euros in NANO cryptocurrency (formerly RaiBlocks – XRP) made by exploiting a bug in the NANO protocol that allowed several illicit transactions carried out in January 2018.

Read more on Suspect File and follow Marco on Twitter @amvinfe.  

Because I was confused by this case, Marco kindly explained it a bit more to me.  It seems that FF, who was actually named in some Italian media outlets, has not been arrested, but he has been banned from setting up new businesses or holding roles in businesses.  I asked Marco whether it was a crime there not to patch or update, and he replied “that in this case it is a crime because he knew and made a profit from it. Failure to fix the bug allowed hackers to steal cryptocurrency. According to the judge, FF collaborated with hackers.”

The hackers have not been caught yet.

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