On 20 October 2018, the trade.io security team observed an exchange from a wallet holding 50M Trade Tokens (TIO) possessed by trade.io held for the liquidity pool. Following this alarm, abnormal trading of TIO on external exchanges was promptly monitored by the trade.io security team.
In a bid to cripple all trades and exchange of TIO, the trade.io security team has effectively started an investigation. The intervention of the trade.io security team has really prevented the situation from breaking down, and it has helped to arrest the situation.
The breach was constrained to a hardware wallet that was bought specifically from the manufacturer.
At no time was the trade.io trade or liquidity pool accessed or influenced, and both stay operational. Subsequently, no client accounts were lost.
Cross investigations are ongoing, however, that there was no technical hack on the cold storage unit, and trade.io systems remain secure and unbreached.
Also intervening in this pressing issue, KuCoin and Bancor reacted quickly and are helping trade.io in its investigation and have found a way to isolate the related exchanges.
Due to the incident, trade.io Management has decided to fork TIO. The name of the forked token will be Trade Token X with the ticker TIOx, similar to TIO it will be an ERC-20 token. Details of the fork are expected to be released soon.
Thanks to the Community
Amidst all these challenges, trade.io has said it is hugely grateful to the cryptocurrency ecosystem, and they have stated that there has been no loss of clients’ assets which is made possible due to the support received from external agencies.
Trade.tio is pleased with how efficient and responsive the entire team acted following the breach.
Trade.io website: https://trade.io/
Chat on Telegram: https://t.me/TradeToken
Meet the team: https://www.linkedin.com/company/trade-io/