On July 31, the 2gether financial platform specializing in cryptocurrency trading suffered an estimated hack of € 1,183 million (26.79% of positions in octopus user accounts). However, as reported in a statement, the integrity of euro accounts, BTC and ETH purses, and 2GT accounts were preserved. In addition, the company Cointelegraph announced in Spanish what progress and analysis had been achieved so far.
2gether’s work after the hack has focused on three relevant aspects:
1- Refund of the stolen amounts
Ramón Ferraz, CEO of 2gether, said: “Two of our main actions during the crisis are trying to recover the stolen cryptocurrencies and finding funding for all the amounts stolen. Although we believe in our ability to obtain funding, we are not yet able to offer it to our customers.“”
Fintech has decided to propose a different offer Each affected customer can choose between the following three options:
- Receive the stolen amount in 2GT tokensat an issue price of € 0.05.
- Receive the amount deducted from company shares under the same conditions under which financing is negotiated with investors.
- Wait for the stolen funds to be recovered or the necessary funding to restore the position.
In the coming days, every customer concerned will receive an email in which they can choose between these three options. The third option is the default option if there is no response.
2- Effects of losses per customer
As previously announced, the amount of stolen cryptocurrencies was ~ € 1,183 million. In a statement, they stated: “At the weekend, the internal bookkeeping of the database was revised and the illegal processes that affected our accounts in Kraken were checked.“” As soon as both systems were squared, 2gether stated that beyond the overall impact on the portfolio, 26.79%, The concrete effects on BTC are 47.35% and on ETH 11.04%, whereby the rest of the cryptocurrencies are not affected. These percentages apply to the reopening of the app.
3. Open the app
The company continues to work on the relaunch app and expects it to be operational this week. However, your customers receive the positions of the individual customers in a personalized way.
About 2gether and its managers
2gether is a Spanish initiative founded by Salvador Casquero and Luis Estrada. After opening in Spain, the company expanded its activities to 22 countries in Europe.
2gether was selected by Actualidad Económica as one of the 100 best ideas of 2019 as the most innovative fintech at the Spanish Fintech Awards 2019 by Finnovating and selected by Lanzadera as part of its acceleration program among the 100 finalists of the South Summit 2019. It was recently awarded the Innovative SME Seal by the Ministry of Science, Innovation and Universities.
Salvador Casquero, founder of 2gether, He has more than 25 years of experience in the banking sector. Salvador Casquero’s career spanned several banks, including JP Morgan London, BBVA, La Caixa and Banco Sabadell. He held positions in the currency and money markets and gained an understanding of the financial sector as a director of electronic commerce. As an industrial engineer at the Universidad Pontificia de Comillas (ICAI), he completed his “fintech” profile first in the technology department of JPMorgan and then in the Spanish Internet company Eresmas and in France in Wanadoo as director for broadband. He is also a self-learning professional who has been researching blockchain concepts since 2012. He had been working on the idea of technology banking since 1998 until he finally co-founded 2gether.
Ramón Ferraz, CEO of 2getheris an entrepreneur and former consultant with experience in banking strategy, open banking and corporate transformation. He has more than 15 years of experience in consulting companies such as A.T. Kearney and Monitor Deloitte with a focus on the banking and venture capital industry. He also founded and managed startups in various industries. He is a telecommunications engineer and Chartered Financial Analyst (CFA).
Luis Estrada, director of 2getherleads a group of companies in the technology sector. He is CEO of a group of three international companies: Mirai Advisory, consultant in the ALM sector (Assets Liabilities Management) for the banking sector; BI Geek, consultant specializing in BIG data developments; and Tadaima, digital product consulting. The three companies are currently active in Europe, the USA, Mexico and Chile. He is a computer engineer at ICAI University and has developed his career over the past 15 years in technological projects in the banking sector. Luis initially joined the 2gether project as a founding partner and contributed to the design and development of the technological solution.
You may be interested in: