Cryptocurrency trading platform 2gether.global announced Sunday that it does not have sufficient funds to promptly compensate those affected by the $1.4M hack that occurred on July 31 at 6:00 p.m.
“In the two days following the attack, we’ve been working on finding the funds needed to cover all positions. More specifically, and until a few minutes ago, we’ve been working with an investment group with which we sadly haven’t been able to reach an agreement,” the announcement said.
The hackers have allegedly stolen €1.183 million in cryptocurrency in investment accounts, which equates to 26.79% of the company’s overall funds. The trading platform has offered an alternative form of payment to its users: compensation in the native 2GT token for the amount equal to that of their stolen cryptocurrency
“We want to compensate the amount of stolen cryptocurrency (26.79% of your position before the attack) with a volume in 2GT equivalent to the issuance price of 5 cents,” the team said in its statement.
The 2GT token is the exchange currency used within the 2gether system that enables access and exchange between users and suppliers within the platform.
“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. That way you’ll be able to get back the totality of your positions, and the equivalent value in 2GT tokens at issuance price,” they added.
Further, 2gether has not disclosed how the security breach took place or the timeline for when it plans to reimburse its users. However, the company said in a Twitter post on Saturday that users will be “updated about further developments” on social media.