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Nano Lawsuit Continues: Investor Demands Judge To Strike All Points

nano lawsuit

The main plaintiff in the Nano lawsuit class-action lawsuit, James Fabian asked the judge to strike against all points of dismissal that Nano supplied in the fall of 2019 as per the reports in the altcoin news today.

Fabian faced losses when the hack and closing of the BitGrail exchange, believes that the nano platform did not have the excuses to claim a lack of responsibility for the loss of the coins. The Nano Company filed a list of 10 dismissals and Fabian believes they are insufficient according to the Nano lawsuit text. He stated:

‘’Such boilerplate purported defenses are not proper affirmative defenses, are not pleaded with sufficient particularity to give plaintiff notice of their bases, and are not supported by any facts or explanations as to how they apply to this case.’’

The team was aware of the chances of double-spending which could have caused withdrawals from other exchanges which will end up depleting the wallets. Fabian added that the team didn’t warn its supporters of the risks. The BitGrail exchange was one of the few that listed NANO during its early days and became the adopter who required buying coins on the exchange exposing the traders to risks. The exchange and the founder Francesco Firano were found guilty of not disclosing the double-spending but the team of the platform is now facing a class-action lawsuit as well because it was partial to the loss of the coins. In the end, it turned out that the funds were taken away because of a glitch that served a lot of withdrawals because of the increased activity and requests from the Nano nodes.

The Nano project which distributed coins through a faucet and moved into the next stage with exchange listings and the prevalence of BitGrail deposits was not unusual for the coin in its early stages. The platform took its time to bring out a working wallet and caused the users to store funds on the exchange and there was a lot more practice of keeping the coins on exchanges to avoid supporting too many wallets but it had the opportunity to trade in the same time.

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