On October 20, 2018, an alarm was raised when a movement of 50 million trade token (TIO) worth $11.5 million was initiated from the trade.io cold wallet. This fund was supposed to be reserved funds for liquidity purposes in order to maintain transactions on the exchange.
The activity of the breach was discovered by trade.io security experts who were monitoring TIO transactions. This transaction was thought to have emanated from an external exchange and was curtailed by sending an alert to all exchanges trading the TIO to disable the deposit and withdrawal of the TIO asset.
After a thorough assessment, the security experts on the trade.io team discovered that a particular hardware wallet that was purchased directly from the manufacturer was the source of the problem. However, due to the prompt response of the security team, the breach was contained and both the trade.io exchange and the liquidity pool remained unaffected by the breach. So, all customers’ funds were reported safe and untampered with. Furthermore, the nature of the breach showed no foul play from within the company and thus internal security remains intact.
A decision to fork the TIO token followed from management’s efforts to further protect users’ funds and close any potential breach that may result from the previous attempt. The new fork of TIO will bear the name Trade Token X with ticker TIOx.
Apart from the fact that it will remain an ERC-20 token as the parent chain, a snapshot of TIO token holders’ MEW wallet was taken on 21 October @ 15:00 EST to enable an airdrop of the newly forked TIOx token. Token holders who are unable to view the new token in their wallet have been advised to update the wallet manually by entering the details of the contract address thus:
Contract address: 0xd947b0ceab2a8885866b9a04a06ae99de852a3d4
Token Symbol: TIOx
Other exchanges have shown their support to remedy the situation as quickly as possible. KuCoin and Bancor came to the aid of trade.io in order to facilitate the investigation and quarantine the source of the breach and its associated transactions. Further actions are being taken to ensure that no other potential impact is incurred. More so, as part of the effort of these exchanges, airdropping the new TIOx tokens to TIO holders on KuCoin exchange is being handled. As for other exchanges, TIO token holders are to contact [email protected] for further instructions.
Trade.io have intimated that trading of TIOx will commence on 31 October 2018, and will only be carried out on trade.io
The management team expressed their gratitude to the support community and clients who showed positive response with regards to the incidence.
Learn more by visiting trade.io website: https://trade.io/
Chat on Telegram: https://t.me/TradeToken