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

Aug 3, 2020 at 11:44 a.m. UTC

Updated Sep 14, 2021 at 9:39 a.m. UTC

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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.

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.

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