First corralito in the Spanish cryptocurrency sector. The 2gether platform has addressed its clients to inform them that it is closing the private account service and that on July 10 it will charge them 20 euros as a mandatory management fee “for the maintenance and management of crypto accounts.” After this, it has disabled its website and mobile application, preventing its users from doing any management. A message shows that they are “under maintenance”. He has also closed all his social media accounts.
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“After five years serving the crypto community, we are forced to close the private account service. The lack of resources and the crypto winter prevent us from providing the service with the quality and guarantees with which other nearby providers are doing it”, 2gether has communicated to its clients through an email.
2gether was one of the first crypto banks created in Spain and its sudden closure “leaves more than 100,000 affected on the way”, the Association of Financial Users (Asufin) has denounced. The organization is one of them, since it invested 100 euros in September 2021 in the five cryptocurrency trading platforms that have the most users in Spain “to test what happens to a real consumer who wants to try this investment.”
Asufin has announced that it will take a collective legal action against 2gether for “this kind of playpen” and warns the rest of its clients that this is their only option if the platform does not lift the blocking of the accounts. “In the face of problems in the field of cryptocurrencies, the only way out is the one allowed by the courts: the CNMV cannot act, because it has no powers, except for advertising, so it only remains to wait for the damage to occur before being able to attend. through jurisdiction.”
2gether has not responded to this media’s attempts to communicate. The crypto bank thus becomes the first Spanish victim of the “crypto winter”, a term with which the sector calls periods of contraction in the valuations of digital currencies. This is marked by the collapse of Bitcoin, which has returned to 2020 prices, prior to its explosion during the pandemic.
The drop has a knock-on effect on all businesses built around cryptocurrencies, from miners, who are taking their farms offline, to exchanges like 2gether. Before his corralito, Celsius had arrived, which has already been for three weeks imposing a forced freezing of accounts on all its users, who are not allowed to withdraw funds. The crisis has also reached Three Arrows Capital, one of the largest hedge funds specialized in cryptocurrencies, which has declared bankruptcy.
“These are cycles that clean up all the projects that are not useful, they also take many people out of the market who do not understand this asset. I think it is positive in the long term, but people who have bought Bitcoin at 50,000 or 60,000 dollars probably do not agree with me, ”Javier Pastor, spokesperson for Bit2me, one of the most popular exchange platforms, told elDiario.es. large in the Spanish market. “Many projects are going to fall,” he predicted.
Crypto bank robbery
2gether had already racked up headlines just two years ago, when it was the victim of a serious cyberattack. This caused the theft of 114 bitcoins and 276 ethers, the cryptocurrency of the Ethereum network, the second in importance behind Bitcoin, equivalent to more than one million euros at that time. They accounted for 15% of their clients’ assets.
At that time, the cryptobank did not have the necessary funds to cover what was stolen from its clients’ accounts, so in January 2021 it launched a financing round that managed to raise 1.5 million euros to cover the theft, as collects EuropaPress.