Cryptocurrency Hack: 2gether Struggles To Pay Users After $1.4M Stolen From Platform

Spain-based crypto payment platform 2gether announced it is struggling to refund its customers after hackers stole around $1.4 million of its funds. The company offers three options for affected customers: get refunds in the form of its native 2GT crypto tokens, receive company shares or wait until the funds are recovered or until the company is in the position to refund.

On Aug. 1, 2gether disclosed that its accounts were hacked but assured its users that their wallets and Euro accounts were safe, only the crypto accounts were hacked. Credit and debit cards were also not compromised. After an investigation, 2gether revealed the theft amounted to €1.183 million ($1.4 million) which is 26.79% of the company’s total funds. From the stolen funds, 47.35% were BTC while ETH represented 11.04%.

The company said it was in talks with an investment firm to obtain funding. But the two parties could not reach an agreement, so 2gether was looking for ways to compensate for every stolen cryptocurrency. On Aug. 2, the company offered to compensate its users with 2GT tokens, the company’s native cryptocurrency, at 5 cents per token. It intended to ensure each customer can get back their entire crypto positions in 2GT with similar value. This means if the user lost 1 ether, 2gether would compensate the customer with 2GT tokens that would be 1 ether in total.

On Aug. 3, 2gether introduced new options for customers to either take the 2GT tokens or receive company shares. Customers can also wait until 2gether is able to recover the stolen funds. Customers will receive an email where they can choose any of the three options. If the customer did not apply, 2gether will assume that they intend to wait until the funds are fully recovered.

2gether did not provide a time frame for the fund recovery but said the company will organize an AMA (Ask Me Anything) session where customers can ask questions to its team.