Hack comes after cold wallet accessed
Trade.io raised approximately $51 million during an ICO in late 2017 and its crypto currency exchange was launched in late July.
But it suffered a setback today as the company says it was alerted to a large transaction from one of its wallets held in cold storage. The announcement said 50 million TIO tokens were stolen with approximately 1.3m transferred to exchanges Bancor & Kucoin.
Shortly after it was discovered, trading was suspended on Trade.io and Kucoin. Bancor permanently removed the token.
The company said it uses cold storage at a bank vault for the wallet. It also said it confirmed the safety deposit boxes were not compromised.
So how did the coins go missing? It's not yet clear but the market value of the missing coins was $11 million but after the hack and fall in the coin, fell to $7.5 million. The company appears to be working on a fork to make the missing 50 million coins worthless.
For more, see Finance Magnets.
