2gether hacked, losing over €1.183 million worth of cryptocurrencies

Summary

In August 2020, 2gether, a European cryptocurrency platform, was hacked, resulting in the loss of €1.183 million worth of cryptocurrencies. A combination of poor security practices and system vulnerabilities allowed the attackers to access user funds, causing significant damage to the platform’s reputation and customer trust.

Attackers

The attackers behind the 2gether hack remain unidentified.

Losses

2gether lost €1.183 million worth of cryptocurrencies, which included various types of crypto assets. The current value of the stolen assets is subject to market fluctuations. In the aftermath of the attack, 2gether has been working on compensating affected customers, albeit with some limitations and delays.

Timeline

• August 1, 2020: 2gether becomes aware of a security breach in their systems. They announce the hack on their platform and the extent of the losses, with €1.183 million worth of cryptocurrencies stolen.
• August 2, 2020: 2gether provides an update, revealing that 26.79% of users were affected by the attack and that they are working on a compensation plan.
• August 5, 2020: The compensation plan is announced, with a mix of cash and 2GT tokens, 2gether’s native token, to be used to reimburse affected customers.
• August 31, 2020: 2gether resumes normal operations.

Security Failure Causes

The company did not share the technical details of the attack.