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Crypto Firm Hacked for $1.4M Admits It Will Struggle to Reimburse Users
Madrid-based payment app and card issuer 2gether said it can only reimburse investors with its native tokens following Friday’s hack.
By Paddy Baker
Updated Sep 14, 2021, 9:39 a.m. Published Aug 3, 2020, 11:44 a.m.
A Spanish cryptocurrency payments app and card issuer has admitted it won't be able to immediately repay users affected by Friday's $1.4 million hack and has offered a compromise instead.
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- Madrid-based 2gether said Sunday it hadn't been able to find the funds to reimburse all users the €1.2 million stolen by hackers – 26.79% of the firm's total funds – on Friday evening.
- "We can assure you, with a great deal of chagrin, that if we could face this theft with our own funds, we would," the announcement reads.
- Talks with an unnamed investment group reportedly fell through on Sunday.
- Rather than delay any longer, 2gether has offered to reimburse investors in native 2GT tokens – an ERC-20 token that confers incentives and premium access to holders.
- 2gether said users will receive the amount stolen in 2GT at the issuance price of just under $0.06.
- The company said it will then try to scrape the funds together to repay users in the crypto assets they'd lost – it didn't provide a timeframe for when this could happen.
See also: Hacker Exploits Flaw in Decentralized Bitcoin Exchange Bisq to Steal $250K
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