- Spanish crypto-investment platform ‘2gether’ lost a fourth of its assets in a hacking attack.
- The CEO stated that they do not have the funds to cover the damage, but they are working on a solution.
- The service is down, and the compromised users are panicked, so ‘2gether’ is trying everything to palliate the situation.
Cryptocurrency investing and trading platform ‘2gether’ is going through the worst times in its history, after a catastrophic hacker attack which resulted in the stealing of €1.183 million (about $1.4 million) from user accounts. This amount is 26.79% of the total assets held and traded on the Spanish platform.
The first signs of the attack appeared on Friday, which is typical of threat actors trying to catch the IT teams off guard and understaffed. While the first wave was repelled, the platform eventually succumbed, and they are still working in the recovery of the systems, re-establishing their services, and fully evaluating the damage.
We continue working:
– Wallets are safe
– Euro accounts are safe
– The hack affects the crypto investment accounts
Additionally, user passwords have been compromised. Even though they are encrypted, we recommend you change them if you are using the same ones on other platforms
— Ramón Ferraz Estrada (@monchoferraz) August 1, 2020
According to the CEO of ‘2gether’, wallets are safe, accounts using Euro are safe, and no one has accessed financial details used to purchase the crypto. That’s about all there is on the “good news” part. On the other side, user passwords have been compromised, wallets containing 2gether’s cryptocurrency – the “2GT” – have been compromised, and the users’ trust towards the platform has been destroyed.
The platform has set up a “Communication” page to help its users stay up to date and keep their cool as much as this is possible right now.
The big question that arises immediately when something like that happens is whether there will be any compensations, either fully or at least partially. On large platforms like Binance, when a similar incident occurred, the humongous stolen amount of $41 million was covered by the platform’s owners.
However, on 2gether, it will be a lot harder to do, even if we’re talking about a much smaller amount. The Spanish told users that their goal is to source the money and cover the damage, but so far, finding a solution to this riddle hasn’t been possible for them. It is clear that they don’t have enough funds to cover the damage right now.
🇪🇸 Somos conscientes de vuestra incertidumbre y preocupación, así que no queremos demorar más la solución que os podemos ofrecer en estos momentos. Disculpad si la espera se ha hecho larga. Podéis encontrar dicha solución en el siguiente enlace: https://t.co/Ni7lcro5lt
— 2gether (@2gether_global) August 2, 2020
This leaves users with a single sane pathway, which would be to keep their composure and patience. Losing a lot of money is an alarming experience, but right now, they have to prioritize some actions with calmness.
If you are a victim of this incident, first reset your passwords on the platform and anywhere else where you are using the same credentials. Secondly, add the upcoming “Reddit Ask Me Anything (AMA)” date on your calendar, where 2gether will answer investor questions. Thirdly, avoid panic-induced moves of registering on other trading platforms, moving money around, and generally doing stuff that you didn’t have the opportunity to research thoroughly.