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News Trade.io Suffers Breach
#1
[Image: News.jpg.jpg?width=400&height=225]


      Continuing with the trend of crypto hacks, there has yet another, unknown attackers breached Trade.io and pilfered 50 million tokens worth 11 million dollars. Trade.io is a Swiss based crypto exchange. Investigators found that the attackers breached a cold wallet that belonged to the company. They noticed the breach on Oct, 20th, when they observed a massive transfer from one of the cold wallets reserved for the liquidity pool. Before they could react, there were massive token transfers to multiple exchanges. Trade.io acted and reported the incident to the exchanges, KuCoin, and Bancor. The two exchanges quickly halted the trading of TIO tokens. 



   At the time of the hack, the 50 million tokens that were stolen were worth 11 million dollars, but within a few hours of the breach, it dropped to 7.5 million. Trade.io did confirm that no customer data or wallets were affected in the breach. As a result of the breach, Trade.io has decided to fork the TIO tokens and will be coming out with a new and more secure one. The new forked token is to be called Trade Token X with the ticker TIOx, like the TIO it will be an ERC-20 token. 




   That was the news folks, take it easy, and stay safe out there. 



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