Trade.io Hack of 50 Million Trade Tokens (TIO) Alerts Investors the Breach is Contained
In another case of failed crypto hacking, trade.io has released a press statement announcing the containment of a potential breach of its cold storage wallet.
According to the press release, the trade.io security team was alerted of a large transaction that apparently originated from a liquidity-pool reserve wallet. The wallet held 50 million TIO (Trade Tokens). Shortly after this alert, the trade.io observed abnormal transaction of TIO on several crypto exchange platforms. It was at this point that the company immediately alerted the necessary authorities and froze all deposits and withdrawals.
As highlighted, the hacked wallet held TIO reserved for the liquidity pool. The breach was limited to this single wallet – it should be understood that the reserve pool wallet remained untouched throughout the incident. The trade.io has also reported that all of its customers’ accounts were secure.
The trade.io security team is currently carrying out investigations into this breach. It has partnered with other departments in the company as well as third-party companies – Bancor and KuCoin have also joint the investigation. According to the company, it is still too early to tell who is behind this attempted security breach. However, investigators have already colluded that there was no collusion with its employees as feared before. Additionally, the company is taking further measures to ensure that the compromised TIO do not make their way into the market.
Forking The TIO
One of the containment measures taken by trade.io entails forking the TIO. The management team has already come up with a new (modified) name for the token: Trade Token X. The token’s symbol will also change from TIO to TIOx. However, it will still run on the ERC-20 platform.
Plans to fork the TIO are still underway and the company promises to share more information soon. The company hopes that this will help eliminate those tokens that have already been compromised. It is likely that clients will be issued new tokens matching their current amounts and that the tokens in the breached wallet will be overhauled altogether.
In addition to forking the TIO, the company is also considering additional security measures to prevent any other breaches in the future. The system will likely get an improvement, and this may affect normal transactions for a while. Additionally, this latest development may have a slight impact on the value of TIO as has been the case in past incidents.
Support And Commendation
The attempted security breach has undoubtedly worried customers and investors. However, the trade.io team’s quick response has also attracted praise as it has prevented extensive damages. The trade.io team has also praised its customers and associates for their help and support, further highlighting its community-centered culture.
trade.io has foiled what could have been another crypto-hack, thanks to its fast response and communal support. Fortunately, the hackers did not breach the company’s reserve pool or its clients’ accounts. This breach has obligated the company to take security measures which will include forking the TIO. Investigations are still underway and the company promises to keep its clients updated.