



6 hours ago, one of the moderators of the Bitgrail subreddit, Francesco, released this statement:

A similar statement was also released on Bitgrail's official Twitter account:

XRB deposits and withdrawals currently suspended for internal system optimization.

Thanks for understanding. BitGrail Exchange (@BitGrail) January 28, 2018

Francesco, who happens to be one of the developers of Bitgrail exchange, announced that the Florence-based exchange will be suspending all Raiblocks withdrawals for all non-EU customers, effective immediately. According to Francesco, who goes by TheBomber9 on Reddit, this move is in compliance with the recent KYC-policies, which has been rather stringent lately.

"BitGrail cannot work without mandatory KYC anymore," Francesco said. "Now, XRB deposits and withdrawals are not availalbe at the moment (same for LSK and CFT; LTC tickets should be fixed asap). But there is the possiblity to use BTC if someone just want to withdraw. That’s because BTC is aimed to stay fully functional (maybe with rare and/or unpredictable exceptions). This is the reason why, like written in the TOS, in case of closing an account, the balance will be sent to the user as BTC."

This move caused an instant outrage amongst Raiblocks investors on Reddit. One the Raiblocks subreddit, petitions for lawsuits against Bitgrail, requests to remove Bitgrail from CoinMarketCap, and accusations of Bitgrail being an "utter and complete scam" flooded the site.

Right after the release of the statement, the price of Raiblocks tanked, going from $19.00 all the way down to a low of $9.85 within a few hours - a 50% decline. Waves of FUD overwhelmed the Raiblocks subreddit, as investors began to panic sell the currency on Bitgrail, hoping to get out of the "shitshow" as fast as possible.

What do you think about this? Is this the end of Raiblocks? Or is this just the beginning?









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