Tuesday, February 7

The Spanish fintech 2gether is the latest victim of the “cryptocrash”: 100,000 customers will not be able to operate with their cryptos

Cryptocurrencies are going through one of the worst moments in their history: most have lost between 60 and 80% of their value compared to the highs we experienced just eight months ago, and that fall is having increasingly serious collateral effects. One of these last effects has been experienced by the Spanish platform 2gether, a cryptobank that is suffering from a full-fledged corralito.

What happened. This platform now displays a curious message on its website with the text “Web under maintenance. Soon you will know all the news from 2gether”. That is not a good sign, nor is it that his Twitter account (@2gether_global) has disappeared and is not accessible either.

Close accounts… A user shared on Twitter the message that the clients of the platform have received these days. It indicates the closure of the accounts due to “the lack of resources and the crypto winter” which, according to those responsible for 2gether, “prevent us from providing the service with the quality and guarantees with which other nearby providers are doing it.”

and they take 20 euros from their customers without further ado. They also warn that the service is no longer free and they will charge 20 euros to all their clients without prior notice “corresponding to said cost.” That charge “will be charged in cryptocurrencies by discounting said amount from your positions in the different cryptoactives that you have in your account.”

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And now that? The Association of Financial Users (Asufin) was one of 2gether’s clients. In 2021, it invested 100 euros in this and four other cryptocurrency trading platforms that had the most users in Spain. The objective: to analyze the information given to the consumer and its risks.

According to this association, the closure of 2gether affects 100,000 people, a figure that in fact may fall short if we take into account that in March 2021 they already reached that figure according to Cointelegraph. Now in Asufin they have announced that they will initiate legal action. 2gether had already made headlines in 2020 after suffering a cyber attack in which 114 bitcoins and 276 ether were stolen.

It’s not the first and it may not be the last. The ‘cryptocrash’ is causing a terrible domino effect among various cryptocurrency management entities. Cryptocurrency lending and trading platform Vauld ordered these days to block withdrawals, while Vogager Digital, another cryptocurrency management platform, filed for technical bankruptcy in the US. It also suspended withdrawals last week affected for the bankruptcy filing of cryptocurrency hedge fund Three Arrows Capital (3AC).

Other even bigger ones have also blocked operations: Binance temporarily suspended bitcoin withdrawals on June 17 in Brazil, and Celsius I also blocked them as a consequence of the “extreme conditions”, assured those responsible recently. And meanwhile, companies like Coinbase are resorting to massive layoffs, like other companies in the sector.

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