Nano (NANO), launched back in 2015 by Colin LeMahieu as RaiBlocks, is a low-latency payment platform that requires minimal resources, with claims to be fairly distributed, zero-fee, and infinitely scalable, with the alleged ability to process over 1000x more transactions per second than Bitcoin. As of recent, it has found itself as an alternative to the hyperinflated fiat currency of Venezuela.
Nano has recently announced on October 1 Medium press release, that the lawsuit submitted against its Nano Foundation has been withdrawn. Due to the case’s lack of merit the plaintiff had withdrawn the complaints filed against members of the Foundation.
According to Medium press release concerning the Brola v Nano Lawsuit:
“We are pleased to announce that the legal complaint against members of the Nano Foundation has been withdrawn by the plaintiff due to a determination that the case lacked merit. The Nano Foundation maintains its support for the Bitgrail victims in pursuit of their claims in the existing bankruptcy proceedings in Italy. The Foundation looks forward to continuing to work alongside the Nano community towards the goal of making Nano a universally accepted global currency.”
U.S.-based law firm, Silver Miller, who specialize helping individuals and companies who have been victimized in business relationships by fraud or other forms of deceit, had filed a class action lawsuit to help investors from an alleged scam perpetrated by Nano and key members of its core team for violating federal securities law.
According to Silver Miller, the lawsuit is to seek justice for Nano pushing XRB through an Italian cryptocurrency exchange, called BitGrail, where $170 million of the investors’ XRB allegedly “disappeared”.
“Silver Miller has commenced a new class action lawsuit on behalf of investors in Nano f/k/a RaiBlocks (XRB), alleging that Nano and key members of its core team violated federal securities laws and that, in their push to introduce XRB to a wide market of investors, recklessly directed investors to open accounts and place their assets with a little known, and severely troubled, Italian cryptocurrency exchange called BitGrail, where $170 million of the investors’ XRB allegedly “disappeared” in February 2018.”
In other news, the company has also seen itself launch an update to fix some of the issues embedded in the previous version. The altcoin has also listed an official page on investFeed, a crypto social media platform, that aims to reward content creation, regardless of origin, and size of the contributor . With the update, the new official investFEED page, and the lawsuit withdrawal, this is turning out to be a pretty good week for Nano.