Fri, December 8

$700k in Costs From the Complainant Who Dropped Class Action-Sought by Nano

$700k in Costs From the Complainant Who Dropped Class Action Sought by Nano News

With a token holder dumping his case. The ongoing Nano adventure has taken a new turn. This week, a long-running dispute involving the crypto project Nano took a new turn when the creators sought clearance after the offended party abandoned the complaint.

After a token buyer withdrew his proposed class action. The Nano group is seeking $701,000 in legal fees and costs. According to Law360, its legal team told a federal court in California on Tuesday. That a percentage of the charges against them were truly absurd.

Following the BitGrail exchange hack in 2018. Token purchaser Alec Otto criticized the Nano developers for deception. Furthermore, for violating securities regulations and other crimes. Thus, resulting in the loss of millions of tokens. Otto’s class action claims were submitted too late. According to the developers, at least one submission contained assertions that were substantiated by proof.

The developers expressed that Otto’s class activity claims were documented past the point of no return. Which indeed no less than one recording contained charges unsupported by proof and went on to add: “Mr. Otto’s deposition testimony revealed that he has no idea how many XRB he purchased, when he purchased them, or how many were left on BitGrail when it closed.”

RaiBlocks To Nano

Various allegations have been made about Nano returning three years ago when it was known as RaiBlocks. On February 8, 2018, the Italian digital currency exchange BitGrail was robbed of 15 million XRB, the Nano network’s former native coin.

Following the $150 million attacks, BitGrail’s owner and administrator, Francesco Firano, asked Nano to change its blockchain to compensate for the losses. BitGrail was accused by the Nano center improvement committee of being indebted and negligent in monitoring reserves, which had led to the invasion.

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