2gether cannot return money to users after hacking

2gether cannot return money to users after hacking
CONTENT

  • Spanish cryptocurrency company fell victim to hackers

  • The company lost $ 1.4 million and does not know how to return it to users

  • Among the proposed options are tokens and project shares

International consortium of news organizations developing transparency standards.

Hackers hacked European cryptocurrency trading platform 2gether and stole $ 1.4 million

2gether cannot return money to users after hacking

The Spanish cryptocurrency platform has confirmed the hack and said it is experiencing “significant difficulties” with compensation for the stolen funds. The hack happened on July 31st and since then the company has been striving to preserve the integrity of its Euro accounts, BTC wallets & ETH as well as 2GT accounts.

The amount of stolen funds is 26.79% of all positions in user accounts, the company said in a statement. Bitcoin accounts suffered the most, with almost half of all money gone. ETH accounts left 11.04% of coins. The rest of the cryptocurrencies were not affected.

The company is now in talks with investors in the hope of raising funds needed to compensate users. “Unfortunately, we were unable to reach an agreement,” the message says..

“We strive for transparency and keep you updated on the latest developments, but we don’t want to avoid giving false hope. Now we do not have enough funds to cover these positions “.

The firm’s CEO, Ramon Ferraz Estrada, explained in several tweets that the company is constantly working to restore trust and lost faith..

Hola a todos. Compartimos un vídeo en el que Luis Estrada, Salvador Casquero y yo mismo explicamos los acontecimientos. Estamos trabajando en la subida de la App, en breve os damos más detalle al respecto. https://t.co/M0P4DuxoAh

– Ramón Ferraz Estrada (@monchoferraz) August 3, 2020

2gether cannot return money to users after hacking

Possible suggestions

2gether has offered customers compensation in the form of 2GT at an issue price of five cents. However, clients declined such an offer. This was due to the potential negative impact on the ICO that the company had planned for next year..

The company came up with a new proposal to compensate for the stolen funds in shares. The conditions will be the same as for investors. If none of the options are accepted, customers will have to wait for “all stolen funds to be returned,” the message says..

2gether will also host an AMA (Ask Me Anything) session to clarify all customer questions. She assured users that the application will resume work in a short time with “all available security measures.” The company works with invited experts to find possible solutions to recover lost funds.

“Since last Friday, the tech team has been working on rebuilding the app to ensure it is free of flaws so you can access your funds and run freely.”.

Presumably the application will be restarted on Wednesday, after testing in a production environment.

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