2gether: work continues after the July hack

After the hack that took place at the end of July, the 2gether company announced that it is continuing to work and, first and foremost, is dealing with reimbursements for customers affected by the theft.

According to an initial estimate, the hack – which had only targeted cryptocurrencies probably because of the easier liquidation – had been able to steal almost 27% of all funds held by 2gether, or 1.1 million euros. 

In fact, in 2gether’s most recent press release, it was specified that 114 bitcoin and 276 Ether, worth 1.183 million euros, were stolen.

Ramón Ferraz, CEO of 2gether, said:

“The cyber attack hurt us, but it didn’t jeopardize the continuity of the project. The 2gether team managed to contain the attack and the percentage of funds stolen from all positions of the clients was 15%. These effects are manageable for the company and we are working on all solutions to compensate for any stolen funds”.

Since then, the company has worked with Guardia Civil and the National Police to recover the stolen crypto, while in the meantime it is organizing a new round of funding to ensure that all the stolen funds are repaid. 

In addition, 2gether has decided to give clients the opportunity to convert the losses into company capital or 2GT tokens.

2gether: post hack security

After the incident in July, the company is working on improving the platform so that such problems do not arise again in the future.

To this end, 2gether has set up tools to monitor potential threats and have more insurance policies. 

In this regard, Ferraz said:

“The weeks after the attack were key to measuring the impact on the business. Cryptotransactionality this month was higher than the previous month (before the incident) and the number of users continues to grow.

The important thing about this data is that most of the users continue to trust the platform and our ability to solve the problem. The team is pushing the planned growth and product development plan further than ever and we sincerely appreciate the support we have received from the community in tackling this difficult and unexpected event”.

What is 2gether?

For those who haven’t been following the news, 2gether is a Spanish app for buying cryptocurrencies and also provides users with a Visa debit card to spend.

The company was founded in 2017 and the following year a pre-sale of the 2GT token was held.