The owner of Bitgrail should be properly investigated for fraud and market manipulation.
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Members of Nano SubReddit (Community) VS. BitGrail Exchange
[ Official Website: https://www.BitGrail.com ]
[ RaiBlocks SR: https://www.Reddit.com/r/Nanocurrency ]
Our Complaint(s): BitGrail's unscrupulous change in policy that has harmed its most loyal consumers / exchange user-base and reduced the ability to access (or immediately control the profits of) the funds legally owned by these users.
Our Demand(s): Launch an active investigation on behalf of the members who lost money on this site due to negligence and actions of the owner of Bitgrail.
As of Wednesday, January 24th, 2018 -- BitGrail Exchange, one of the Top 3 exchanges for RaiBlocks (XRB) crypto-currency, has decided to remove the ability for unverified users to withdraw any funds from their accounts. This has especially harmed RaiBlocks (XRB) holders, who originally signed up for their BitGrail accounts under an agreement stating that they would be able to trade, sell, purchase, and withdraw funds from their accounts, up to 0.5 BTC (Bitcoin) per day as an "unverified user," per BitGrail's original Terms of Service agreement. Many of these users have transferred business and/or personal funds into BitGrail, believing that their funds would not only be be safe, but immediately accessible during normal network conditions, so that they may conduct trades to their own advantage in the marketplace.
The sudden decision to strip thousands of BitGrail users of such an essential trade function, with little-to-no advance notice (not even a single email) and zero ability for these users to access their funds without an overly burdensome waiting period, has caused much panic and controversy in the crypto marketplace. Not only does this decision lack proper timing, but it also lacks any type of business ethics.
The owner of the site has made wild accusations against the Nano/XRB team after he failed to recover missing funds from his own exchange due to a programming error which he himself was responsible for. The owner of the site is continuing to exploit his members although it's already been revealed he lost 17 million XRB (200 million USD approx at time of writing this).
Once a business becomes branded in such a way, there is very little chance of recovery. The crypto-community certainly continues to grow but things like this need to be dealt with as it happens.
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