Trade.io, a Swiss blockchain company that advertises itself as a “next-generation financial institution”, has been hacked.
The tokens are worth $11 mil… no wait… $7.5 million
According to an announcement from the firm, 50 million Trade Tokens (TIO), which is the company’s own cryptocurrency, have been stolen. These are worth approximately $7.5 million at the current price, but closer to $11 million at the time of the hack a few hours ago.
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The facts of the announcement are as follows:
1. At 08:40 EST (14:40 GMT), 50 million TIO was transferred from a cold storage wallet belonging to trade.io.
2. 1.3 million TIO (approx. $197,000) was transferred to two exchanges – Kucoin and Bancor – before trade.io requested that those venues freeze TIO transactions.
3. TIO trading is currently suspended on Kucoin and trade.io itself, and the token has been removed from Bancor permanently.
4. The money in the cold wallet was intended for the company’s ‘liquidity pool’.
5. The company is considering a fork to save the money. The decision will be announced tomorrow (Monday).
Interestingly, despite the fact that TIO trading has been suspended on the trade.io exchange, the announcement is entitled: “Important Notice: Only trade TIO on trade.io”.
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