2gether’s Crypto Compensation Plan Cheers 91% & Disappoints 9% Customers

2gether, a crypto trading platform from Spain, denies its customers the right to seek a full refund of their stolen Bitcoin and Ether. Says that the exchange has prepared a plan to compensate 5,000 customers who can claim their refunds shortly.

Spanish crypto trading platform, 2gether, has recently made an announcement dealing with the issue of allowing compensations to its customers. In the announcement, the trading platform has informed that it has prepared a comprehensive compensation plan. As per the plan, about 91% of 2gether’s customers will be refunded back (in full) their stolen crypto assets. However, as regards the remaining 9% of its customers, 2gether has suggested that it cannot refund them their stolen Bitcoins and Ethereum.

The reason for such denial told by 2gether was that since August 2020, the values of both, Bitcoin and Ethereum, have increased exponentially. Therefore, the exchange would not be in a position to refund the customers in full at this time.

However, the company has come up with an alternate plan which it claimed to be the best solution for 9% of its customers. As per the plan, 9% of customers will have an option to have 99% of the looted funds which will be non-convertible. In addition, they will be offered Euros to the extent of stolen Bitcoin/Ethereum assets on exchange rates prevailed on the date of cyber-attack.

It was informed by 2gether that customers have the choice of whether they want to accept the offer or not. But in case they want to get a full refund of their looted Bitcoins/Ethereum, the exchange would provide them full funds but they will have to wait. 2gether said that it needs more time so that it could generate funds and then compensate each and every customer. In the meanwhile, the exchange would continue its mission to seek recovery of the lost assets as well. However, no timeline has been provided by 2gether.

It was also told by 2gether that it is working on making available this option at its mobile application. If any customer is interested in avail the option, he or she can do so through the application as well.

But the announcement later on sparked controversy and anger amongst 2gether’s customers. Many of its customers were found criticizing the compensation plan at social media websites. One of 2gether’s customers said on Twitter that the compensation plan is a mockery and disappointment.

It was on 1st August, 2020, when the 2gether crypto trading platform was subjected to a cyber-attack. In the attack, the criminal managed to loot approximately Euros 1 Million (equivalent to US$ 1.2 Million as of today). Since then the trading platform has been trying to generate funds. Thereafter 2gether spent US$ 1.5 Million from the generated funds for improving and strengthening its security protocols.