Corralito de 2gether: Spanish cryptocurrency platform shuts down and 100,000 affected

The company announced a meeting this Wednesday, July 10. 20 euro fee as an administrative expense due to the “impossibility of maintaining the free service”.

From then on both the platform website and the app are displayed blocked and without the possibility of performing any managementAs reported by Asufin.

“After five years of serving the crypto community, we had to shut down the private account service. Lack of resources and crypto winter They prevent us from offering the service with the quality and guarantees that other nearby providers do,” the communication states.

2gether thus became the first Spanish platform to cease operations. crypto wintera term used in the industry to refer to periods such as the present, heavy falls in the price of assets.

Asufin already explained will take legal action and he said he would appear in bankruptcy proceedings. “We are considering the possibility of filing a legal request from Asufin to inform affected consumers of the steps to be taken in the face of such ‘exchange’ platforms being shut down,” the statement said.

The association explained that it was trapped in this “corralito” as it invested 100 euros in bitcoin as part of its “secret exchange” since September. top five platforms Trading bitcoin to test what happens to a real consumer who wants to try this investment.

Asufin emphasized that this investment is on both 2gether and other platforms (Binance, Bit2me, Coinbase and Crypto.com). didn’t stop spoiling and these 100 Euros deposited now average 50.56 Euros.

Finally, he drew attention to the issue. inability to move In case of 2 together by CNMV, has no authority other than advertising.

The 2gether platform made headlines in August 2020 after suffering cyber attack on your accounts this resulted in the issuance of 114 bitcoins and 276 ether, equivalent to EUR 1,183 million in cryptocurrencies at the current exchange rate and 15% of its clients’ positions.

At that time, it did not have the necessary funds to cover what was stolen from its customers’ accounts, so in January 2021 the startup managed to collect 1.5 million euros. funding roundan amount allocated to strengthen the company’s security and coverage model and replace stolen funds.

“A lot has happened in the crypto world because historically there have been a lot of abusive project promoters, and when a problem arose, they just didn’t show up and shut it down,” the company’s then-CEO said. Paul FerrazIn an interview with Europa Press.

On the other hand, at the end of July last year, the platform partnered with fintech. Funders To provide innovative investment and alternative financing solutions adapted to new regulatory frameworks, focusing on creating products and services with high added value.

According to the statement made by 2gether, which deleted its Twitter account, the app will be “fully operational” until the next day 20 this month. When that day comes, any remaining crypto balances in the accounts will be automatically transferred to Euros and will remain on the platform’s cards and remain operational until the expiration date.

The harsh effects of the crypto winter

2gether is not alone: ​​cryptocurrency lending and trading platform vault This Monday, it ordered all withdrawals and transactions and deposits to be blocked “with immediate effect”, while the firm is exploring possible restructuring options after significant refunds to customers in recent days.

VoyagerDigitalFor his part, he voluntarily enjoyed the protection of Section 11 of the United States Bankruptcy Code this Wednesday to undertake the restructuring of the company and maximize value for all interested parties.

The firm plans to seek recognition of the case in the Ontario Superior Court of Justice (Canada) under the Companies Creditors Settlement Act.

In the documents submitted, Voyager Digital claims to have amassed $350 million (339 million euro) in cash in a Metropolitan Commercial Bank client account, in addition to approximately $1300 million (1,259 million euro) in crypto assets on the platform. non-payment claims more than $650 million (629 million euro) against the fund Three Arrows.

This cryptocurrency-focused hedge fund failed to meet the margin calls of many of its lenders in mid-June. Three Arrows had invested in Terra and Luna cryptos. completely broken and triggered a crypto industry crisis or ‘crypto winter’.

Last week, Voyager suspended all withdrawals, deposits and all transactions on its platform due to current market conditions.

“This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers,” he said. Stephen EhrlichCEO of Voyager.

The crypto winter isn’t just affecting the little ones: BinanceOne of the world’s largest cryptocurrency exchanges decided to temporarily cancel bitcoin withdrawals on June 13 (it only took a few hours), the same day Celsius suspended them as a result of the “extreme conditions” of the market.

The list is long and there are no significant signs of improvement in the industry at this time. this bitcoinThe most well-known cryptocurrency was quoted at $20,496 (20,107 euro) at 11am this Thursday, 1.52% higher than yesterday but still far from its maximum, ethereum then exchanged for $1,176 (1,153 euro), 3.02% more.

The declines in recent months have wiped out thousands of jobs. austrian platform bitpanda announced a few weeks ago that its workforce had been reduced to 730 employees. coin base laid off 1,100 workers and other platforms like it Gemini they had to lay off 10% of the workforce. There were also rumors about her vitality a few days ago. KuCoinalthough this platform rejects them.