The Trade.io team reported that 50 million TIO tokens (about $ 8 million at the current exchange rate) have been withdrawn from the cold storage of the cryptoplatform.
Important Notice: Please cease trading of TIO on HitBTC & https://t.co/QuZqjRRPDT.
— trade.io (@TradeToken) October 21, 2018
According to representatives of the project, after that suspicious trading activity began in pairs with the TIO token on the Bancor and Kucoin platforms. Soon, at the request of Trade.io, both sites blocked the possibility of I / O tokens.
After that, TIO was delisted on Bancor. Trading become unavailable on Trade.io.
TIO tokens were designed for the liquidity pool of the Trade.io platform. According to preliminary estimates, the hackers transferred about 1.3 million stolen tokens to Bancor and Kucoin. Currently, both platforms help Trade.io in investigating what happened.
The representatives of Trade.io stressed that they used “recommended cold storage, depository cells in banks with all relevant materials were also involved.” In this case, the bank cells were not compromised.
Currently, the project team is considering the possibility of hardfork, which will make stolen tokens useless. Representatives of the platform promised to report their decision within 24 hours.
Trade.io is based in Switzerland and is positioned as the “next generation financial platform”. Following the results of the tokensale which ended in January of this year, Trade.io collected more than $ 31 million. Thanks to the funds raised, a similar crypto exchange was launched in July.