Security breach Involving TIO Token Effectively Contained by trade.io

A revolutionary crypto exchange and modern financial services firm, trade.io has announced the forking of its TIO tokens to protect holders.

Photo: trade.io / Medium

Photo: trade.io / Medium

Following a security breach, trade.io, has announced the forking of its TIO tokens to protect holders. The 1:1 fork will replace existing TIO tokens with TIOx, a new token retaining the same functions as the old one. The fork will further contain the breach, ensuring that the integrity of the token ecosystem cannot be compromised or contaminated.

Recently, trade.io has announced the formation of a world-class cybersecurity unit lead by a team of security experts to monitor and counter threats. On the 20th of October, 2018, the team was alerted to the usual movement of tokens from a wallet reserved for the platform’s liquidity pool.

50 million TIO tokens held in the wallet was transferred to external exchanges, setting off abnormal trades. The exchanges were immediately contacted to disable the depositing, withdrawal, and trading of TIO tokens, while the team launched an investigation into the source of the breach and its reach.

TIO trading on all affected exchanges was immediately stopped, quarantining the situation and preventing it from deteriorating. Working with the management team, exchanges including KuCoin and Bancor have assisted trade.io in identifying the transactions associated with the breach and isolating them.

Preliminary investigation by the trade.io security team revealed that at no point was the liquidity pool or exchange affected or accessed by the breach. They also found no hint of internal collusion in the breach. Rather, the issue emanated from a particular hardware wallet acquired directly from the manufacturer. No customer account was directly affected by the breach, nor were any funds lost. trade.io management reiterated its commitment to resolving the situation, saying:

“We are actively taking steps to further lock down the situation, and prevent any other potential impact.”

The management also thanked its community for their support and understanding, saying:

“While this security breach has been an inconvenience, we are happy to report again that no client assets were lost and we’re pleased with how efficient and responsive our entire team acted following the breach. 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.”

To further contain the breach and ensure that the token ecosystem cannot be tainted by any compromised TIO tokens, trade.io Management has announced the 1:1 fork of existing TIO tokens. The new tokens, called Trade Token X, or TIOx, will also be an ERC20 token with the same functions and utility as TIO. Details of the fork are expected to be released soon.

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