{"id":1259,"date":"2018-04-08T16:47:47","date_gmt":"2018-04-08T16:47:47","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?p=1259"},"modified":"2024-10-30T19:46:31","modified_gmt":"2024-10-30T19:46:31","slug":"class-action-filed-nano-developers-demands-recovery-fork-lost-funds","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/class-action-filed-nano-developers-demands-recovery-fork-lost-funds\/","title":{"rendered":"Class Action Filed Against Nano Developers, Demands \u2018Recovery Fork\u2019 of Lost Funds"},"content":{"rendered":"

A new class action lawsuit has been filed in the United States District Court Eastern District of New York on behalf of investors in\u00a0Nano<\/a>\u00a0(XRB, formerly Raiblocks), according to a\u00a0class action complaint<\/a>\u00a0signed April 5.<\/p>\n

The lawsuit is being filed by an American individual, Alex Brola, through Silver Miller firm, and alleges that Nano\u2019s core team both violated US securities laws by selling unregistered securities as well as negligently misrepresented the reliability of crypto exchange BitGrail, from which around 17 mln Nano ($187 mln at the time) were stolen in mid-February<\/a>.<\/p>\n

The lawsuit asks that Nano be ordered by court to \u201crescue fork\u201d the investors\u2019 missing NANO \u201cinto a new cryptocurrency in a manner that would fairly compensate the class of victims.\u201d<\/p>\n

In the aftermath of BitGrail\u2019s\u00a0Feb. 9 announcement on their website\u00a0that the 17 mln Nano had been hacked from the exchange, Nano developers and BitGrail\u2019s owner and operator\u00a0Francesco \u201cThe Bomber\u201d Firano<\/a>\u00a0reportedly\u00a0entered into a conflict<\/a>\u00a0over whether or not Firano had asked for the ledger to be edited to \u201ccover his losses.\u201d<\/p>\n

Nano then accused Firano of \u201cmisleading the Nano Core Team and the community\u201d on their official\u00a0blog<\/a>.<\/p>\n

Although Nano investor Alex Brola is the named plaintiff in the lawsuit, having reportedly bought $50,000 worth of Nano on Dec. 10, 2017, the complaint claims there are \u201cat least hundreds if not thousands of putative Class members\u201d that Silver Miller plans to contact during the discovery period.<\/p>\n

Silver Miller writes in the class action notice that they are a \u201cstrong advocate for aggrieved investors harmed by the misrepresentations and illegal actions of cryptocurrency exchanges and issuers.\u201d The law firm is currently working on class actions against crypto exchanges and services Kraken, BitConnect,\u00a0Cryptsy<\/a>, and\u00a0Initial Coin Offering<\/a>\u00a0(ICO) promoters Monkey Capital, Giga Watt, and\u00a0Tezos<\/a>.<\/p>\n

Tezos has been the subject of\u00a0multiple lawsuits<\/a>\u00a0over the question of its compliance with SEC regulations. The\u00a0Tezos class action lawsuit<\/a>\u00a0filed last fall by Silver Miller\u00a0alleges that Tezos violated securities laws<\/a>\u00a0during their ICO, \u00a0which raised $232 mln, making it the world\u2019s second largest ICO to date in terms of most funds raised.<\/p>\n

See Full Article<\/p>\n

Class Action Filed Against NANO Developers, Demands ‘Recovery Fork’ Of Lost Funds<\/a><\/p>\n","protected":false},"featured_media":1829,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[10],"class_list":["post-1259","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry","news_categories-uncategorized"],"acf":[],"yoast_head":"\nClass Action Filed Against Nano Developers, Demands \u2018Recovery Fork\u2019 of Lost Funds - SilverMillerLaw.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/class-action-filed-nano-developers-demands-recovery-fork-lost-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Class Action Filed Against Nano Developers, Demands \u2018Recovery Fork\u2019 of Lost Funds - 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