2gether compensates for its crypto cyber-attack losses
Posted March 11, 2021
- One thing that has dogged the blockchain industry, more than most, is cyber-attacks.
- On 31 July 2020, 2gether – a collaborative crypto-trading platform – suffered a cyber-attack at the hands of hackers who stole 114 BTC and 281 ETH worth a combined €1.18 million from its users’ investment accounts.
- While these hacks are nothing new, those stolen funds are usually gone forever. 14 of these kinds of attacks, starting with Bithumb in February 2017 to Zaif in September 2018, saw $882 million in crypto and USD funds go missing.
- 2gether is compensating its users to give back the cryptocurrency stolen from their accounts.
- To raise the capital to execute the plan, 2gether worked with the community, private investors, and partners to generate an equity crowdfunding round, which closed at the legal maximum of €1.5 million, 125 percent of its target.
- It’s rare to see any blockchain organization compensate for cyber-attack losses. If the industry is to become seen as legitimate by a mainstream audience, more schemes like this could make the difference.
– Stewart Rogers | March 11, 2021