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2gether hack: Crypto trading platform struggles to reimburse stolen funds

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Recently, hackers broke into the servers of 2gether, a cryptocurrency trading platform in Spain, and they amassed about $1.4 million from the company’s funds. Having admitted to 2gether hack, the team has since been struggling to come up with an ideal reimbursement plan for the customers.

2gether lost 27 percent of its funds to hackers

The news on the 2gether hack was made known on August 1, and the team behind the crypto trading platform said only their cryptocurrency accounts were affected in the incident. Customers’ Euro account and wallets were not affected, including their Credit and Debit card details, as the company assured.  

After further investigations were made toward the 2gether hack, the team disclosed that the hackers stole about $1.4 million (€1.183 million) from the security breach. About 47 percent of the stolen funds were Bitcoin (BTC), while about 11 percent was in Ethereum (ETH). The entire fund makes up 26.79% of 2gether total fund.

The team’s options to repay funds lost in 2gether hack 

The company wasn’t capable of reimbursing the funds lost during the 2gether hack immediately. However, it has been considering ways to repay affected customers adequately. The company’s initial effort to obtain funding from an investment company was unsuccessful, according to reports.

Thus, the team came up with another offer to compensate the customers using the company’s native cryptocurrency known as 2GT tokens. Reportedly, the token is valued at 5 cents, and customers who opt for this option will get an equivalent to their money lost. Later on August 3, the company offered another option for the customers to receive 2gether shares as compensation or wait until the exchange is able to recover the stolen funds.

Meanwhile, the team said it would host an AMA (Ask Me Anything) session to answer several questions on the minds of its customers.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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