2gether revealed a security breach where the hackers have stolen €1.2 million worth of cryptocurrency from investment accounts.
2gether revealed a security breach where the hackers have stolen €1.2 million worth of cryptocurrency from investment accounts.
2gether
Madrid based 2gether is a crypto trading app, in which traders and beginners buy and sell cryptocurrencies at real market price, without additional fees. The organisation’s native coin is the 2GT token, which is - or, at least, was - due to be issued during 2020 following a pre-sale in Spain.
On July 31, around 6.00 pm CEST, hackers stole around $1.183 million worth of cryptocurrency from investment accounts of 2gether, which equates to 26.79% of overall funds stored by the accounts.
Ramon Ferraz Estrada, CEO of 2gether, confirmed that general wallets and Euro accounts were not impacted in the security breach, nor the financial details of payment cards used to deposit funds were stolen.
The bad news is that the company does not have enough funds to refund it's users, so an emergency meeting took place with an unnamed “investment firm” to try and secure a cash injection.
“We want to compensate the amount of stolen cryptocurrency (2679% of your position before the attack) with a volume in 2GT equivalent to the issuance price of 5 cents, ” the company said. “ On top of that, we commit to keep looking, to top capacity and as much as possible, for additional funds to make up for every single one of your cryptocurrencies.”
The company also reported that all of its users would receive an email in the next few days to choose among the options available:
- To receive the taken amounts if funds in 2GT tokens at the issuance price of €0.05.
- To receive the taken amount of funds in company shares, in the same conditions in which the funding is discussed with investors.
- To wait until the recovery of all stolen funds or until obtaining the funds needed to refund the full position.
The company is planning to conduct a `Ask Me Anything’ session in the next few days to answer investor questions.
Estrada has asked all of its users to change their passwords, as they are compromised in the security breach.
The company did not share the technical details of the attack. An investigation is being conducted to find out how the cyber attackers managed to obtain access to the company’s servers and the damage caused.
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