Trade.io Secures Its Systems After Security Threat
Security of crypto assets is an ongoing debate and has been viewed as a barrier to mainstream adoption of cryptos.
Trade.io Identifies Source Of Security Breach
There was a security breach with the TIO token. Following the breach, trade.io has revealed that users are now protected after the threat was contained. As part of the mitigation, the 1:1 fork will take over from the current TIO token with TIOx. The brand new token will, however, retain all the previous functions that were available before the breach. Additionally, the ecosystem will not be tampered with since the new token will contain the breach.
The breach comes after trade.io unveiled a cybersecurity section that will be under the stewardship of top security experts. The team was tasked with tracking and containing threats to the system. Last week, the team was alerted to the normal transfer of tokens from a reserve to trade.io’s liquidity base.
An abnormal trade was witnessed after 50 million TIO tokens were moved to outside trading platforms. The team immediately got in touch with the exchanges. The trading platforms were required to terminate any deposit and withdrawal of the tokens. The unit immediately began probing the matter to determine the source of the breach.
Immediately after the alert, trading in TIO was disabled on the relevant exchanges to avoid any escalation of the problem. KuCoin and Bancor exchanges were some of the platforms affected. The two platforms played a vital role in assisting trade.io in order to determine all transactions linked to the breach. The transactions were eventually isolated.
Early investigations show that the exchange and the liquidity pool did not fall victim to the security threat. Additionally, there were no signs of any insider collusion. It emerged that the breach originated from hardware storage that was bought from the manufacturer directly. A review of all accounts showed that no customer was effected with all funds remaining intact. Trade.io has come out to state that it is committed to bringing closure to the situation.
According to management, the team is dedicated to ensuring that no such issue arises in future. The team further expressed gratitude to all stakeholders who helped in containing the situation at the same time acknowledging the inconvenience caused during the period.
As an extra security measure, trade.io has revealed that latest tokens dubbed Token X will be backed by ER20 which serves the same purpose as TIO.