Italian police accused a man who ran a cryptocurrency exchange of being responsible for a series of hacks that caused millions in losses as part of an alleged massive fraud scheme.

Italian Authorities Accuse Bitgrail Owner of Faking Hacks That Led Exchange’s Bankruptcy

According to Reuters, the 34-year-old from Florence known by his initials F.F. and owner of Bitgrail, a crypto company that was declared bankrupt in 2019, is suspected of having faked a cyberattack that defrauded over 230,000 people which held nano coin, Bitgrail’s own crypto launched in 2015.

The series of alleged fake hacks reportedly caused losses of 120 million euros ($146 million), and the individual faces charges of computer fraud, fraudulent bankruptcy, and money laundering. In a statement, Italian authorities said that such a case could be categorized as the “biggest cyber-financial attack in Italy and one of the world’s biggest.”

The report details that F.F. himself reach out to the police in February 2018 to report…

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