Spanish cryptocurrency exchange 2gether has announced that users will not be compensated for the full amount of Bitcoin (BTC) and ether (ETH) stolen in August 2020. The exchange said nearly 5,000 of their customers were not receiving their cryptos under the compensation plan.
The company is asking 9% of its users for more time to raise the remaining funds
According to the announcement91% of users are fully compensated as part of the company’s capital round in order to raise enough funds for this purpose. The crypto exchange argues that it cannot pay the full amount due to the higher prices BTC and ETH.
However, the company offered some solutions to 9% of users affected by the measure:
The company has offered these users the best solution it can achieve with the funds raised in this round – a solution where a maximum of 99% of the funds are replaced BTC and ETH stolen and not converted, and at least the value in euros that was lost at the time of the cyber attack. It excludes what was converted into capital or 2GT tokens, depending on which amount was stolen.
Customers can either accept or reject 2gether’s proposal. If users decline the said solution, the exchange will ask them to “give the company more time to try and get the total back as soon as possible”.
The Spanish crypto company also said it will enable a feature on its app that will allow users to proceed with the solution it is offering. However, the company did not provide a timeline to get the remaining funds for full compensation.
According to a newsletter that was sent to all 2gether customers by email, over 1.5 million euros were collected in the capital round.
Controversy on social media following the announcement
However, the announcement sparked controversy among crypto exchange customers on social media. A user on Twitter expressed his disappointment on the matter:
Total disappointment. When you pull the funds out, you’re taking away all of us equally (well, not those who did BTC and ETH). Now it’s time to come back and you decide to shut up and give it all back to some, 60% to others and between 30% to others and the rest to be paid in 4 years. Was that the fair thing?
On August 1, 2020, 2gether suffered A cyber attack that affected multiple crypto trading accounts. At the time, the amount stolen by the hackers was over € 1 million ($ 1.2 million at press time).
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