Trading Platform Fails to Compensate $1.4M of Stolen Crypto
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Aug. 3, 2020

Spanish cryptocurrency trading platform said it does not have enough funds to cover the recent hack which resulted in $1.4 million of losses.

According to an official announcement, the company offers compensation of stolen cryptocurrencies with 2gether's native token called 2GT.

"On top of that, we commit to keep looking, at top capacity and as soon as possible, for additional funds to make up for every single one of your cryptocurrencies," the company said.

The hackers reportedly managed to steal approximately €1.183 million (which amounted to 26.79% of the positions in the user accounts in Kraken).

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

2gether's management claims it has been working with an investment group with which it has not been able to reach an agreement.

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Backed by Lanzadera, the biggest accelerator in Spain, 2gether won €3.3 million of funding back in 2018. The Madrid-based crypto platform also obtained funding from ENISA and from Challenges Collaboration of the Ministry of Science and Innovation.

In 2019, the Central bank of Spain, Bank of Spain, declared that cryptocurrency will not replace fiat currency as cryptocurrencies "are not a common" assets as fiat.

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