Switzerland based blockchain company Trade.io has been hacked and about 50 million Trade Tokens (TIO), its own cryptocurrency have been stolen. The tokens were approximately worth $11 million at the time of the hack, has lost almost 12 per cent of its value since the hack was reported by the company.
As per the timeline of the incident provided by the company, the hack took place at 08:40 EST (14:40 GMT), in which 50 million TIO tokens transferred from a cold storage belonging to the company. Hackers transferred 1.3 million TIO tokens to two crypto exchanges, Kucoin and Bancor.
Kucoin has suspended the trading for the TIO tokens on Trade.io’s directive and Bancor has permanently removed the token from trading. The stolen token was a part of Trade.io’s liquidity pool and now the company will be implementing a hard fork to save the tokens for which the decision is expected shortly.
The fork will make the stolen token worthless as the location for most of the coins are known. Holders of the coins will have to agree to the updated version of the token for making it work again. Trade.io issued a statement in which it said:
“We use industry recommended cold storage which are maintained in safety deposit boxes in banks, along with all corresponding materials. We have confirmed that the safety deposit boxes were not compromised.”
“It’s obvious that trade.io is now a major focal point of competitors and those attempting to destroy the movement that is on the ground floor, and we guarantee you we will not bow down to their actions. We have the strongest community in crypto and we assure you we will wind up stronger as a result of actions like these and any such attacks in the future.”
The company launched its cryptocurrency exchange in July this year and manages cryptocurrencies, fiat currency and financial derivatives based on physical commodities. In its pre-sale and ICO phase, which was conducted in late 2017, it raised a total $51 million against the initial target of $135 million.
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