Crypto exchange 2gether blocks customer funds and demands donations

Representatives of the platform said that the accounts of users who do not deposit €20 before July 10 will be blocked

09.07.2022 - 09:45

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What’s new? 2gether, one of Spain’s oldest cryptocurrency exchanges, has blocked user funds. In an email to customers, it stated that due to the current market conditions, the platform cannot continue to operate. In order for the accounts to remain active, each user must deposit €20 on 2gether, according to local outlet rtve. According to the exchange, if the customer does not make the payment by July 10, his account will be blocked and all crypto assets will be liquidated.

Material by rtve

More details about the situation. In one of the funding rounds that ended in January 2021, the exchange raised 1,5 million euros to strengthen its financial stability. However, amid the downturn in the cryptocurrency market, the exchange is short of resources and cannot provide services at the same level, its representatives note. According to a report by Asufin, the Financial Users Association of Spain, the actions of 2gether affected about 100 000 users. The organization is preparing to file a lawsuit on behalf of all the customers of the exchange.

On July 6, cryptocurrency broker Voyager Digital filed for bankruptcy. This was preceded by the suspension of all operations on the platform when its accounts contained $685 million in cryptocurrencies with the volume of loans issued worth over $1,1 billion. About half of them were allocated to the bankrupt hedge fund Three Arrows Capital (3AC), which also filed for bankruptcy in the US on July 2.

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