Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4 million) in investors’ and traders’ money. According to the explanation video posted by the founders, Luis Estrada, Salvador Casquero, and Ramón Ferraz Estrada, the cyberattack represents nearly 27% of the total funds of the firm leaving the company unable to refund the customers.

Ferraz further states that the attack compromised the users’ passwords, but Euro accounts and wallets are safe. The CEO stated the company has been working with several investment firms to work a way around reimbursing the users’ stolen amounts but yet to no avail.

A softer landing cushion

While reimbursing the amount is almost impossible at this time, 2gether released a statement saying the firm will give users’ an equal dollar proportion of their native 2GT token (at the initial offer price of $0.06) to ease their pain. The 2GT token offers users incentives and premium access to certain areas of the platform.

Notwithstanding, the founders stated they would scrape up funds in the future to pay out the losses while allowing the users to keep the 2GT tokens. The statement reads,

“On top of that, we commit to keep looking, at top capacity, and as soon as possible, for additional funds to make up for every single one of your cryptocurrencies. That way, you’ll be able to get back the totality of your positions and the equivalent value in 2GT tokens at issuance price.”

No further information has been offered on the state of the attack. Some of the 2gether users have joined a Telegram group to raise questions on the attack and to the management team, who have scheduled an Ask Me Anything (AMA) session on the state of the platform.

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