Trade.Io Hacked, Massive Amount of Tokens Stolen

Hackers have reportedly attacked Swiss blockchain firm Trade.io (TIO), which claims to be certain financial institution of the next generation. During late 2017 in an ICO, Trade.io had amassed a business of about $51m while the firm started trading crypto currencies during late July.

The firm recently announced that a theft of its own crypto-currency Trade Tokens to the tune of 50m. Trade.io said the stolen currency amount was worth about $7.5m at the prevailing value, however, near $11m when the hack occurred some hours back.

According to the firm, it had come to know of one huge transaction that had occurred from a wallet belonging to clod storage. Further, there was a theft of 50m TIO tokens of which about 1.3m were transferred to the Kucoin and Bancor crypto exchanges. Soon as the theft was realized, Kucoin and Trade.io suspended trading, while Bancor discarded the token for good. Forexlive.com posted this on the Web dated October 21, 2018.

TIO stated that it had a system of cold storage for its wallet through bank vault. Moreover, there was no compromise of the firm's safety deposit containers, it confirmed. And although trade.io exchange has temporarily stopped its TIO trading, its announcement displays its title as "Important Notice: Only trade TIO on trade.io." This is interesting.

It is a usual upgrade of TIO's blockchain that the above mentioned bifurcation talks about that would nullify the stolen funds' worth for the sole reason its location isn't unknown anymore. Therefore, the coin's holders should necessarily utilize the token's upgraded edition only to make the nullification effective.

The company at the announcement's end states that obviously Trade.io currently draws all competitors towards itself as also those trying for sabotaging the movement. However, Trade.io promises it won't give into their actions. The firm serves to the most robust traders of crypto and it would definitely come out even more robust following the happenings as above as well as any such possible assaults later.

And as the firm tries nullifying the lost coins' worth, it won't anymore be one of Bancor's associate, it says in its announcement.

» SPAMfighter News - 10/26/2018