A few days ago, little known Italian cryptocurrency exchange Bitgrail was hacked and $170 million worth of Nano (XRB) stolen. This hack is a wakeup call for cryptocurrency investors on the need to be more vigilant in their approach to crypto investing.
One of the lessons you can draw from this hack is that you should never invest in small and unrecognized exchanges. That’s because in most cases, such exchanges have no recourse in case of a hack, and chances are that you will lose your money. To give you context on this, when Bitfinex was hacked, it created a token that was used to reimburse investors. Coincheck, which was hacked sometime back, is planning to repay investors too. Unfortunately, investors who had bought Nano (XRB) through Bitgrail are unlikely to get any recourse. If anything the exchange is now locking out all non-European investors from its platform. The exchange has also admitted that it is not in a capacity to refund investors, since it only has 4 million Nano (XRB) in its wallet.
The loss of 17 million Nano (XRB) coins at Bitgrail should also trigger investors to keep their money off exchanges. Unless you are actively trading the market, ensure that you keep your coins in a cold storage wallet. Alternatively, you can use an exchange that stores coins offline. Most large exchanges such as Bitfinex now store a majority of their coins offline. This way, even if the exchange is hacked, it can’t be affected to the extent that it cannot reimburse investors.
To further increase the security of your coins, ensure that you have good anti-malware software in your computer. That’s because hackers are increasingly using phishing techniques to try and hijack your cryptos, as you move them from an exchange to your wallet.
What next for Nano (XRB)
Now that 17 million Nano (XRB) have been lost, what next for this crypto? Well, looking at its price in the last few days, the price of Nano is edging back towards $10 after collapsing by over 20% following the hack. Volumes too are increasing which means that investors still have confidence in Nano (XRB) despite the coins loss. This is a sign of a strong cryptocurrency that has strong fundamentals anchoring its value.
In fact, this hack has presented a perfect opportunity for anyone looking to buy Nano (XRB). This is a cryptocurrency that offers high transaction speeds at low fees, but is decentralized unlike Ripple (XRP), its main challenger. As more investors get to learn of this aspect of Nano, you can expect its price to grow to $20 and above in the near future..
If you are looking to trade in Nano (XRB), just make sure that you are doing so through a reputable exchange. Alternatively, if you are looking to buy and hold this coin for the long-run, make sure that you store it in a cold storage wallet. Invest safely!