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

AI talent crunch accelerates as countries scramble to secure their dominance
Savannah Fortis11 hours agoAI talent crunch accelerates as countries scramble to secure their dominanceThe global competition for AI supremacy intensifies as companies consider relocating and countries offer incentives t
Solana Falls Under Realized Price: Here’s What Happened Last Time
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Why are BTC traders bearish above $64K? 5 things to know in Bitcoin this week
William Suberg38 minutes agoWhy are BTC traders bearish above $64K? 5 things to know in Bitcoin this weekBitcoin is approaching price discovery — but traders and analysts are upping bets on a BTC price correction.1276
Fed Chair Powell on Crypto: We See Turmoil, Fraud, Lack of Transparency, Run Risk
Fed Chair Powell on Crypto: We See Turmoil, Fraud, Lack of Transparency, Run Risk Federal Reserve Chairman Jerome Powell has outlined several risks related to crypto activities dur
Starknet targets increased throughput, lower fees with parallel transactions in 2024
Gareth Jenkinson12 hours agoStarknet targets increased throughput, lower fees with parallel transactions in 2024Ethereum scaling protocol Starknet expects to increase its throughput and further fee reductions through the
Traders rush to short Ether as Grayscale pulls its futures ETF plan
Ciaran Lyons2 hours agoTraders rush to short Ether as Grayscale pulls its futures ETF planA 3% rebound in Ether’s price would wipe $345 million in short positions amid Grayscale withdrawing its Ether futures ETF applic
Fidelity Investments’ Digital Asset Custody Services Arm Expands to Asia
Fidelity Investments" Digital Asset Custody Services Arm Expands to Asia Fidelity Digital Asset Services has revealed the company is expanding into Asia and plan
Key Fractal From 2023 Says Bitcoin Price Is Still Bullish, But A Crash To $90,000 Could Be Coming
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tom Blackstone2 hours agoTON blockchain launches on-chain encrypted messaging featureThe network previously allowed users to post on-chain messages but only in an unencrypted, completely public way.429 Total viewsListen
BONK Price Ready To Surge 1,105% From Here? Analyst Reveals Key Levels To Watch
Este artículo también está disponible en español. The BONK price movementshave brought it close to a critical support level, and its reaction could make or break its pric
DeepMind CEO says Google to spend more than $100B on AGI despite hype
Tristan Greene6 hours agoDeepMind CEO says Google to spend more than $100B on AGI despite hypeDemis Hassabis previously compared crypto and AI, saying both had a problem with hype and scams.672 Total views8 Total sharesL
Andrew Fenton8 hours agoStarknet’s Quantum Leap hits testnet with TPS reaching ‘triple figures’Starknet’s latest upgrade will scale the zk-Rollup’s throughput by 50x or more, but capacity is very different from