TIO Crypto Tokens Disappear as Trade.io Faces Hacking
Swiss Blockchain firm Trade.io had reached roughly $51 M late last year during an Initial Coin Offering, and launched its cryptocurrency near the end of July. Unfortunately, it faces a great obstacle as the company has discovered a big transaction taking place through one of their cold wallets in storage. A statement by the company confirmed that a total of 50 M TIO tokens were removed, of those about 1.3 M were shifted towards the Bancor and Kucoin exchange platforms.
Use of TIO Suspended
Any trading activities via TIO were suspended on both Trade.io as well as Kucoin a short while after the discovery of the hack. The coin was totally removed, however, from Bancor.
Trade.io said that they applied cold storage for their wallet using a bank vault and that the safety deposit boxes within the vault were not removed.
It’s not quite obvious yet how exactly the coins went missing, but their value within the market was $11M. After what happened, the coin’s value fell and their cap is now at $7.5 M. The firm has a plan to create a fork, forcing the missing tokens to have no value.