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As Forbes’ CryptoMarkets Launches, Partner, Trade.io Experiences Hack
According to a recent Business Wire post, Forbes’ has joined forces with NewCity Digital Limited, NewCity Capital and trade.io to launch what has been considered cryptocurrencies’ price tracker called the Forbes CryptoMarkets. Unfortunately, in every good there exists a bad, and with the launch of Forbes CryptoMarkets, Forbes’ partner, trade.io loses $7.5 million in crypto to a breach.
When visiting the CryptoMarkets, investors will immediately see the list of tokens with their market capitalization (similarly witnessed on CoinMarketCap), Forbes CryptoMarkets Indices, a list of nearly 30 crypto exchanges with updated 24-hour volume and of course, trending news with various sources.
The breakdown of the indices has also been provided, which include the Top 30 Global “FB30,” Top 10 Global “FB10,” Top Cryptocurrencies Global, Top 10 Blockchain and DApps Global and others that have been categorized based on factors like industry type, real life uses and more.
Several of the parties involved have since expressed enthusiasm for being part of Forbes new endeavor. Chairman of NewCity Capital, Chien Lee not only expressed excitement but also believes in Forbes yearn to “create a trusted source for those seeking information on the new digital economy.”
While Lee emphasized on trustable sources, the CEO of Forbes Media seems to focus more on “comprehensive coverage,” adding that the new business “promises to deliver immense value to investors, traders and market watchers.”
The CEO of trade.io, Jim Preissler has since acknowledged Forbes “respected business media brand” and states it as the main reason for having agreed to partner in this effort. Preissler also added that moving forward, “all aspects of the industry” will be included, listing some as potentially being, “related investment funds, ICO information and other relevant data.”
Trade.io Gets Hacked Amid New Milestone
With such a strong partnership in place, one would assume things were all sunshine and rainbows, but turns out Forbes’ partner, trade.io was a victim to a hack that resulted in the loss of nearly $7.5 million in crypto.
As reported by the Bitcoin Exchange Guide, the hack was equivalent to 50 million TIO tokens, which were originally held as the firm’s liquidity pool in their cold storage wallet.
As seen in the tweet right above, the tokens that were affected were only that of the firm and not that of investors. The team has since thanked their supporters by sharing the following:
“We’ve been overwhelmed with the positive response from our clients which we affectionately call TIOnauts and can’t thank them enough for their support and well wishes as we continue this special movement.”
Swiss Blockchain Project Trade.io Suffers Hack of 50 Million TIO Tokens from Cold Storage
Trade.io is based out of Switzerland, which has been an advocate for blockchain technology and even cryptocurrency through the years. Their main claim to consumers is that they’re the “next generation financial institution,” but it seems that their advancements aren’t what it is cracked up to be. Based on an annoucement from the firm, they are one of the most recent victims of a hack against their cryptocurrency.
The annoucement indicates that, only hours ago, there were 50 million Trade Tokens (TIO) involved in the theft, which is the cryptocurrency of the firm. The current price of tokens would make the value $7.5 million. However, when the hack took place, that amount was closer to $11 million instead.
Even though the hack is still being investigated, there are a few facts that the firm and the public should be aware of.
- 50 million TIO were transferred at 14:40 GMT from a cold storage wallet that is owned by Trade.io. This cold wallet was being kept in a security deposit box, and the funds inside were meant for the “liquidity pool” of the company.
- 1.3 million TIO were sent to Kucoin and Bancor. However, these transactions took place before Trade.io has sent work to freeze any TIO transactions going in or out of their exchange.
- Since the hacking was exposed, Kucoin and Trade.io have temporarily suspended trading involved with TIO. Bancor, however, has permanently banned the token from their exchange.
- The decision is in the air right now, regarding what Trade.io plans to do to save the funds. However, one option that they are considering is a fork.
Even though the suspension of TIO tokens includes Trade.io, they released another annoucement after the hacking, which is called, “Important Notice: Only trade TIO on trade.io.”
A liquidity pool is the same from cryptocurrency to fiat currency – a common source of money that backs up the trades for the applicable market. With Trade.io’s pool, there were 50 million tokens from the firm, plus some of the revenue and contributions from users on the database. Any user that ends up decided to deposit is credited with interest, and they have the option to withdraw their contribution at any time. Based on information from Trade.io, this function is working at this point.
A cold wallet is just a crypto wallet that has no internet connection and is instead held on compatible hardware. The only way for someone to access this type of wallet is to physically have the wallet in hand. According to Trade.io,
“We use industry recommended cold storage which are maintained in safety deposit boxes in banks, along with all corresponding materials. We have confirmed that the safety deposit boxes were not compromised.”
In a post from KuCoin Mod on Twitter, the exchange told the public,
“Apologies for the inconvenience. We are temporarily closing all trading for TIO because trade.io is preparing to fork TIO. Rest assured that your funds are safe. Your kind patience and understanding are highly appreciated. Thank you.”
The fork discussed by the Twitter post and by Trade.io would basically make the stolen tokens have zero value. The only way for holders of these coins to use them is with the upgraded version of them. The annoucement from Trade.io concluded by saying,
“It’s obvious that trade.io is now a major focal point of competitors and those attempting to destroy the movement that is on the ground floor, and we guarantee you we will not bow down to their actions. We have the strongest community in crypto and we assure you we will wind up stronger as a result of actions like these and any such attacks in the future.”
Overall, the company wants to ultimately open an exchange that handles multiple assets with full decentralization. Optimally, the assets would include cryptocurrency, fiat currency, and financial derivatives from physically commodities.
Between the pre-sale and the ICO last year, the company managed to bring in $51 million, which is what formed their liquidity pool. By January 2018, the token was listed on CoinMarketCap.com, though their original goal was almost three times higher ($135 million). In July of 2018, the exchange was officially launched.
Since the token was originally launched, the company there have been multiple partnerships established in collaboration. Civic Technologies was among the first, which is a company that adapts blockchain technology for identity verification. Bancor was added around the same time, which offers services that make it easier for tokens to be exchanged. However, the annoucement revealed that Bancor would no longer be affiliated.
Trade.io to List SelfKey (KEY) Token & Use Blockchain Identity System For Exchange
Trade.io Forms Alliance With SelfKey to Make Registration Processes on Crypto Exchanges Proficient
Cryptocurrency exchange, trade.io has revealed that it will be partnering with SelfKey, a self-sovereign identity system, to rid the typical registration processes for exchanges into one that is simple, effective and time-saving.
The decision for such a partnership came from the trade.io’s community of followers, as many crypto investors have supposedly become tired of the “security and back office delays”. To ensure that the community is satisfied with what trade.io has to offer, SelfKey’s help was evident.
To make things simpler, users will have to input their respective Know Your Customer (KYC) onto SelfKey’s platform. After doing so, some steps will be taken to ensure that the embedded details are accurate, this supposedly includes the likes of government-issued ids, that prove one of his or her identity. With users’ consent, SelfKey will safeguard the verified information and have forms automatically filled up and provided to the cryptocurrency exchange.
This system appears to work in similar ways to one where users fill out a form online and are asked whether or not they would like their information saved for future uses.
As part of their partnership, trade.io will also be listing SelfKey’s native token, KEY onto its exchange, with a possible airdrop announcement in the near future.
Both leaders involved have voiced their joy with the partnership. CEO of trade.io, Jim Preissler spoke highly of both SelfKey’s token and entire system. Adding that a “partner with SelfKey as their KEY token has traded over 1 billion dollars in the last week […] We feel their approach to Self-Sovereign identity is secure, efficient and will integrate perfectly with our exchange.”
In response, the Founder of SelfKey, Edmund Lowell, sees the potential trade.io has, stating that they are “pleased to announce partnership with trade.io as they are one of the most promising new exchanges of 2018”.
Trade.io - TIO ICO TradeToken For Cryptocurrency Asset Trading?
Trade.io aims to become the world’s leading platform for trading multiple types of financial assets on blockchain technology. Here’s our review.
What Is Trade.io?
Trade.io describes itself as “a next generation financial institution based on blockchain technology.” The platform was created to disrupt the existing status quo in financial markets to “usher in a new era of trading and financing.”
Trade.io is made by a team of developers based in Zug, Switzerland (also known as Crypto Valley).
The initial goal is to create a trading and financial platform for crypto assets, built on blockchain technology. However, the long-term goal is to offer forex and CFDs for precious metals, oil, commodities, indices, global equities, and more. At launch, the platform expects to have 120+ available for trading.
What Problems Does Trade.io Seek To Solve?
Trade.io was founded to solve major problems in the world of financial markets. Here’s how the company’s whitepaper explains these problems:
“A whole ecosystem of banks, advisors, markets, and record keepers are extracting enormous fees from both investors and companies. On top of the inefficiencies created by high fees and low liquidity, existing trading platforms lack transparency, they have no third party verification and often suffer from conflicts of interest.”
That’s where Trade.io sees an opportunity to use blockchain technology. Using a blockchain trading platform, Trade.io promises to democratize markets, save money for investors and companies, reduce (or even eliminate) fees, and prevent inefficiencies.
How Does Trade.io Work?
At launch, Trade.io expects to offer trading in more than 120 different financial instruments, including cryptocurrencies, forex pairs, and CFDs on stock indices, commodities, stocks, metals, and energies.
Some of the key features and functions of the platform will include:
- Be the leading platform for trading multiple financial assets based on blockchain technology
- Be the leading exchange for traditional companies to raise funds from crypto communities
- Be the most cost-effective platform to facilitate investment banking services with reduced advisory expenses
- Be the biggest trading liquidity pool comprised of TradeToken holders for the benefit of TradeToken holders
- Have TradeTokens (the platform’s built-in currency) be among the top 5 crypto-asset based on market cap
Benefits Of Trade.io
Trade.io aims to provide all of the following benefits:
- Blockchain Technology: Blockchain provides an immutable record of every transaction within the client account to ensure complete transparency through the blockchain.
- Liquidity Pool: Multiple transparent revenue streams are available, including margin financing and transactional proceeds.
- Investment Banking: Assist new and existing funds in raising funds and listing on the Trade.io exchange.
- Daily Distributions: Liquidity pool participants can participate in daily distributions paid directly to their digital wallet in fiat and cryptocurrencies.
- Frictionless Utility Token: The Trade.io platform uses TradeToken (TIO), which is used to exchange and participate in the shared liquidity pool.
- Experienced Team: accomplished management and advisors from the fintech, investment banking, blockchain, and trading space.
How Does TradeToken (TIO) Work?
Trade.io uses a token called TradeToken. It’s a utility token that enables frictionless transactions on a wide range of assets on the Trade.io exchange. It also acts as a medium of exchange and a store of value.
You can use the TIO token to participate in the Trade.io shared liquidity pool as a market maker and receive daily payouts to your Trade.io wallet in fiat and cryptocurrency.
In the future, holders can also use TradeToken to purchase new issues and IPOs on the Trade.io exchange.
The TradeToken (TIO) ICO
The pre-ICO for TIO tokens is scheduled for November 7 to 21, 2017.
The general ICO begins November 22 and ends on November 29.
The company is issuing a total of 500 million TradeTokens. Approximately two thirds of those tokens will be issued to the public through a token sale. A maximum of 100 million TradeTokens will be sold during the pre-ICO.
For the first week of the pre-ICO, the price will be $1.15 per TradeToken. That price rises to $1.25 by the second week. When the general ICO begins on November 22, the price will be set at $3 USD per TradeToken.
An additional 10%, or 50 million tokens, will go into the Trade.io liquidity pool to facilitate trading. The remaining amount will be used to compensate developers, advisors, vendors, and management.
By December, the company hopes to integrate their platform with blockchain. The full Trade.io platform launch will occur in April 2018.
Who’s Behind Trade.io?
Trade.io is led by Jim Preissler (CEO), an entrepreneur with 20+ years of international business experience, with a deep background in private equity and investment banking.
The company is headquartered in Zug, Switzerland, or Crypto Valley. It was founded in 2017.
Trade.io aims to disrupt the world of financial trading by creating a blockchain-based platform where investors can buy and sell different financial assets. The ecosystem revolves around the use of TradeTokens, or TIO. At launch (scheduled for April 2018), the company plans to offer 120+ investment vehicles through its platform.
To learn more about Trade.io and how it works, visit online today at Trade.io.
Trade.io (TIO) Blockchain Data Verification System & FXPRIMUS Partnership Announced
Trade.io is a trading platform based on the blockchain that is set to democratize the markets and change how the financial ecosystem functions. This system uses peer-to-peer platforms as a way of supporting trades for an incredible range of assets. The platform will also use its own cryptocurrency, known as Trade Token.
The developers behind trade.io hope to create the largest trading liquidity pool, which will comprise Trade Token holders, to benefit those holders. Their goal is to eventually become the leader of platforms for trading multiple types of financial assets while using the blockchain technology. Users can choose from three platforms, including a mobile one, Classic, and Nitro.
Trade.io And FXPRIMUS To Go Mainstream
Trade.io has announced that its early adopter — the PRIMUS Group of companies — known by its clientele as ‘FXPRIMUS, The Safest Place To Trade’ — will offer its clients the ability to deposit to their trading account using their TIO. This announcement follows successful integration of trade.io’s BTV DApp (Blockchain Trade Verifier) to FXPRIMUS in January of this year.
The 10-year old industry leading broker and winner of multiple awards will offer the ability to deposit in TIO, in response to overwhelming community demand. With this, its clients who span multiple continents will have the opportunity to deposit to their trading account in a similar manner they currently do, utilizing Bitcoin.
FXPRIMUS already has a level of experience in dealing with cryptocurrencies. The Cyprus-based broker allowed its users to start trading in cryptocurrency contracts for differences, including Bitcoin and Ethereum, last September.