Fun

Spanish Crypto Exchange 2gether Won’t Reimburse All Stolen Funds From the 2020 Hack

News Feed - 2021-01-27 08:01:32

Spanish Crypto Exchange 2gether Won"t Reimburse All Stolen Funds From the 2020 Hack


Spanish cryptocurrency exchange 2gether has announced that it won’t compensate users for the full amount of bitcoin (BTC) and ether (ETH) stolen in August 2020. The exchange said that almost 5,000 of its customers will receive their cryptos under the compensation plan. Company Asks 9% of Its Users for More Time to Gather the Remaining Funds


According to the announcement, 91% of the users will be fully compensated as part of the firm’s capital round to gather enough funds for the purpose. The crypto exchange argues that it cannot pay the full amount because of the higher prices seen in BTC and ETH.


However, the company offered some solutions to the 9% of users affected by the measure: The company has offered these users the best solution it can reach with the funds raised in this round — a solution that involves replacing a maximum of 99% of the BTC and ETH stolen and not converted, and at a minimum, the value in euros that was lost at the cyberattack time. It excludes what was converted into capital or 2GT tokens, depending on the amount stolen in each case.


Customers can choose to either accept or reject the proposal made by 2gether. If the users decide to reject the mentioned solution, the exchange asks them to give the company “more time to try recovering the total amount of funds as soon as possible.”


Still, per a statement sent to news.Bitcoin.com, 2gether clarified that they’re “aiming to reimburse the full amount for everyone.”


The Spanish crypto firm also said it will enable a feature in its app to allow users to proceed with the solution offered. However, the company didn’t provide a timeline to obtain the remaining funds for the full compensation.


Per a newsletter sent via email to all 2gether customers, the capital round gathered over 1.5 million euros ($1.8 million).


Controversy on Social Media After the Announcement


However, the announcement sparked controversy among the crypto exchange’s customers on social media. On Twitter, a user expressed his disappointment on the matter: Total disappointment. When subtracting the funds, you take from us all equally (well, not those who had BTC and ETH). Now it’s time to return, and you decide to shut up, giving everything back to some, to others 60% and to others between 30% and the rest to be paid in 4 years. Was this the fair thing to do?


On Aug. 1, 2020, 2gether suffered a cyberattack that affected several crypto trading accounts. At the time, the amount stolen by the hackers was over 1 million euros ($1.2 million as of press time).


What are your thoughts on this announcement? Let us know in the comments section below. Bahrain Central Bank Issues License to Shariah-Compliant Crypto Exchange EXCHANGES | 20 hours ago Indian Crypto Exchange Buyucoin Hacked, Sensitive Data of 325K Users Reportedly Leaked EXCHANGES | 4 days ago Tags in this story crypto exchange, Crypto exchange hack, cybersecurity, Spain, Stolen funds, Stolen funds recovered


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Show comments

News Feed

Tim Draper’s Venture Studio to Triple-Down on Blockchain Projects With a $25M Fund
Tim Draper"s Venture Studio to Triple-Down on Blockchain Projects With a $25M FundAt the LA Blockchain Summit, the blockchain and fintech venture studio Draper Goren Holm announced
Socialite Paris Hilton Backs $20 Million Strategic Investment in NFT Protocol Origyn
Socialite Paris Hilton Backs $20 Million Strategic Investment in NFT Protocol Origyn The non-fungible token (NFT) project the Origyn Foundation announced on Tuesday the team receiv
Tristan Greene6 hours agoGoogle Cloud is now a validator on the Polygon networkAccording to Polygon, “the same infrastructure used to power YouTube and Gmail” will help secure its network.8277 Total views39 Total sha
French Central Banker Warns Complex Crypto Regulations Could Create ‘Uneven Playing Field’
French Central Banker Warns Complex Crypto Regulations Could Create "Uneven Playing Field" The governor of France’s central bank, François Villeroy de Galhau, has urged
Bitcoin Bull Market At Risk If Key $97,000 Support Level Fails To Hold, Analyst Warns
Este artículo también está disponible en español. Bitcoin is now retesting the psychological $100,000 price level again after a 2.22% decline in the past 24 hours. Notabl
SEC Commissioner Peirce Weighs in Defi Token Regulation Debate: Panel Predicts Defi Will Self Correct in Twelve Months
SEC Commissioner Peirce Weighs in Defi Token Regulation Debate: Panel Predicts Defi Will Self Correct in Twelve MonthsThe U.S. Securities and Exchange Commissioner, Hester Peirce sa
An In Depth Look at Bitcoin’s First Chain Split: Satoshi Helps Reverse the Creation of 184 Billion BTC
An In Depth Look at Bitcoin"s First Chain Split: Satoshi Helps Reverse the Creation of 184 Billion BTC Since January 3, 2009, the Bitcoin network has been functi
Turner Wright4 hours agoCocoa broker testifies to Bitcoin holdings on FTX in Sam Bankman-Fried trialLondon-based cocoa broker Marc-Antoine Julliard responded to questions from prosecutors on crypto he held on FTX in Nove
Hong Kong Crypto Exchange Bitspark Shuts Down Amid Coronavirus Outbreak and Protests
Hong Kong Crypto Exchange Bitspark Shuts Down Amid Coronavirus Outbreak and Protests Crypto exchange service provider Bitspark is shutting down next month despite reporting expon
Japanese Telecom Giant NTT Docomo Launches $412 Million Metaverse Unit
Japanese Telecom Giant NTT Docomo Launches $412 Million Metaverse Unit NTT Docomo, the largest telecom carrier in Japan, has launched a new division that will be dedicated to direc
LINK Price Action Turns Cautious As Bearish Pennant Shapes Up
Este artículo también está disponible en español. Chainlink (LINK) is flashing bearish signals as it forms a pennant pattern, hinting at a potential continuation of its d
The Metaverse Is the Next Big Investment Theme, According to Morgan Stanley
The Metaverse Is the Next Big Investment Theme, According to Morgan Stanley Investment bank Morgan Stanley has stated the metaverse is now the next big investment theme, in a note