Class Action Lawsuit Against Nano And Team In US

A class action suit has been filed against the cryptocurrency Nano and members of its core development team in the U.S. The suit is filed by Alex Brola through the Silver Miller law firm.

The allegation is that Nano and its team violated federal securities laws in their bid to introduce Nano coins (XRB) to a wide market of investors. It recklessly directed investors to open accounts and place their assets with a little known and troubled Italian cryptocurrency exchange BitGrail, the filing says.

BitGrail lost about $170 million worth of Nano coins “XRB” following a hack in mid-February, which was attributed to unauthorized transactions in the wallet managed by it. This amount was about 80 percent of XRB held by BitGrail customers in their accounts.

However, a statement by BitGrail in mid-March said the hacker exploited the vulnerability of the Nano software and not BitGrail software.

The complaint is that Nano and its core team engaged in an unregistered offering and sale of securities that violated federal securities laws. And it also wrongly ushered investors to BitGrail as a safe and reliable place for XRB’s to be dealt.

The lawsuit pleads to the Court to rescind the plaintiff class’ investments in XRB and require Nano to “rescue fork” the allegedly missing XRB into a new cryptocurrency to compensate the losses of affected victims.

The Silver Miller law firm is the one entrusted with filing of lawsuits against several entities involved in the cryptocurrency business, including Coinbase, BitConnect, Cryptsy and Kraken.

It is also pursuing legal action against Initial Coin Offering (ICO) promoters Tezos, Giga Watt and Monkey Capital.

by RTTNews Staff Writer

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