The cryptocurrency exchange Trade.io, which calls itself “the next-generation blockchain-based financial trading platform”, lost 50 million of its own TIO tokens as a result of a hacker attack.
The attackers broke into the cold wallet of the project and stole tokens that were allocated to the liquidity pool, worth a total of $8 million at the current rate. Hackers managed to cash out part of the stolen digital currency through the Kucoin and Bancor sites, which have frozen the current trading of these assets at the request of the owner.
Important Notice: Please cease trading of TIO on HitBTC & https://t.co/QuZqjRRPDT.
— trade.io (@TradeToken) October 21, 2018
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However, deposits and withdrawals are still supported at Kucoin to allow the Liquid Pool to continue its smooth operation. Representatives of the exchange also reported that on Bancor site “the relay has been disabled, and will continue to be disabled until otherwise notified.”HitBTC and Gate.io exchanges did not respond to the Trade.io warning. Therefore, the project representatives were forced to reach out to the community: “As a result we have no control over what the hacker does on that exchange. Please be aware that ANY transactions on HitBTC / Gate.io from 08:40 EST 20/10/18 will NOT be eligible for the upcoming fork, with no exceptions”.
Trade.io believes that the project attracts the attention of competitors and detractors who try to prevent the further development of the site. At the same time, the company is confident that you should not succumb to such pressure, even more so since the project boasts “the strongest community in crypto” and therefore has resources to become stronger and defend against hacker attacks in the future.
It is worth noting that Trade.io likes to describe its project in the loudest expressions. Even at the launch stage, the company representatives stated that their platform was created in order to return power to users through democratization of the financial industry. “With the help of our team of experts in the FinTech and blockchain sectors, we have created the future of crypto exchange here today,” the CEO Jim Preissler commented in July.
At the testing stage, the exchange team collected feedback from customers and implemented all the necessary functions. As a result, Trade.io representatives are confident that they have created the only fully customizable platform for user needs.
Another important feature of the new exchange is the open source code available on GitHub. The exchange also has its own pool of liquidity, formed at the expense of users, who subsequently receive remuneration for it. It was this pool that became a target for intruders. “Entering and exiting the Liquidity Pool remains completely uninterrupted, and as participants witnessed last night, distributions have remained uninterrupted as well,” a company representative commented.
Trade.io is a Swiss enterprise that wants to revolutionize its trading system through a decentralized, transparent platform. The company has offered a hybrid open source platform, laid out on GitHub, which sells cryptocurrency, fiat, and commodity assets. The idea brought the project more than $31 million in fees for ICO from 15,000 investors. The trading platform was launched at the end of July this year. The site used verification procedures and passed many safety stress tests.