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How will the compensation and replenishment of funds continue after the hack?

August 31, 2020

On July 31, 2020 The platform for buying and selling cryptocurrencies 2gether suffered a cyber attack in which 114 bitcoins and 276 ethers were stolen, which corresponds to 1.83 million euros. Since signing, they have shared with Cointelegraph en Español the work they have done since to offset and replenish the funds after the hack.

“2gether reported the incident to the community 18 hours after it occurred, and had a daily communication for the next few days, reporting any progress or information they had,” they recalled the company. Those interested in tracking the chronology of this information and further details can enter here.

Ramón Ferraz, CEO of 2gether, stated:

“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. “

How will the compensation and replenishment of funds continue after the hack?How will the compensation and replenishment of funds continue after the hack?

On the other hand, they said that The decision in terms of funds is to work with the Civil Guard and National Police to win them back.

“Also, The company is working on a new round of funding to ensure the maximum amount of funds withdrawn. Finally, the company listened to the alternatives proposed by the 2gether community itself and offered the opportunity to convert losses in whole or in part into corporate capital or into 2GT tokens, the project’s token.”You detailed.

“”The financing round in which the company is working will be concluded with crowdfunding of up to 1.5 million euros, so that all two other users can participate in the solution and purchase shares in the project at a very attractive valuation. Affected users who chose to convert to shares will be switched to the same rating of the round, “they later added.

Ramón Ferraz stated:

“This round will aim to replenish the maximum amount of stolen funds without waiting to be recovered, further strengthening the security of the platform and financially strengthening the company to grow and work towards 2gether’s vision, the new one Continue to build the token economy. “”

In terms of security, the company has already taken several measures to prevent cyber attacks in three areas:

  • Reinforce tools to monitor and respond to threats

  • Review policies, procedures, and access.

  • Progress in taking out cyber insurance in international markets

They also stated that 2gether will continue to work primarily on solutions for affected customers while the company’s planned business and product plans, such as the issuance of the 2GT token and the new founder levels, continue to develop, which would increase the benefits for all. User with 2GT token.

In this regard, Ferraz also stated:

“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. ”

About 2gether

2gether is a Spanish initiative founded by Salvador Casquero and Luis Estrada, Professionals with experience in the financial sector and with expertise as digital business drivers. After opening in Spain, it expanded its activities to 22 European countries.

As a mobile application, it has been welcomed by cryptocurrency traders in Europe. In addition, 2gether users will be rewarded every time they contribute to the platform in 2GT, the company’s native token.

2gether was selected by Actualidad Económica among the 100 best ideas of 2019 as the most innovative fintech at the Spanish Fintech Awards 2019 by Finnovating. selected from among the 100 startups finalists of the South Summit 2019 and Lanzadera as part of its acceleration program.

It was recently awarded the Innovative SME Seal of the Ministry of Science, Innovation and Universities.

About Ramón Ferraz, CEO of 2gether

He is 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 firms such as A.T. Kearney and Monitor Deloitte with a focus on the banking and venture capital industries.

He has founded and managed startups in various industries. He is a telecommunications engineer and a Chartered Financial Analyst (CFA).

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