The crypto world is once again taken aback by a massive security breach that Trade.io trading platform suffered. The company has issued a warning to all its users about the theft of 50 million of their TIO tokens which amounts to more than $7.5 million according to CoinMarketCap.
The exchange has put up a blog post in which they have detailed out that the TIO tokens were stolen from a cold storage.
Suspicious trading activities were discovered by the company with regard to its TIO tokens. These activities were discovered on the Bancor and KuCoin crypto exchanges, shortly after the company became aware of the crypto theft.
The representatives of Trade.io immediately requested these exchanges to block the token deposit and withdrawal option. Following up on this request, Bancor removed the TIO token from its listing. Infact, even Trade.io has suspended this trading option.
The tokens were stolen from a cold wallet using bank depository cells, which is what is usually recommended to exchanges for use. The hackers transferred around 1.3 million stolen tokens to the Bancor and KuCoin exchanges. Both exchanges have reached out to help Trade.io via the experts. According to Trade.io representatives, the hackers were unable to compromise the cells.
This situation is now being dealt with by experts who are looking for a way to resolve this issues and get the funds back. One of the options is to allow a hard fork which would render the stolen assets useless but that would also jeopardize the interests of the current owners of the remaining TIOs. A decision will be reached soon but as of now no solid statement has been used.