Trade.io, a revolutionary crypto exchange and modern financial services firm focused on blockchain technology, made a notice in its blog about TIO trading citing the hack of cold wallet.
As the company stated in the report, TIO coins should be traded only on the trade.io platform. The project's wallet was hacked, so the exchange the assets allocated for the liquidity pool. The heist amounted to 50 million TIO or $8 million at the current rate.
"Around 08:40 EST, our security team was alerted to a large transaction from one of our wallets held in cold storage," a statement reads.
Notably, TIO was also traded on Bancor and Kucoin and the company notified these platforms about this issue.
The exchanges take the corresponding measures:
"TIO Deposits & Withdrawals will be disabled on both Kucoin & trade.io until further notice, and TIO will no longer be listed on Bancor."
The company can track the lost coins, so they are considering possible fork to debase stolen coins and protect other holders. The decision on the measures will be announced within 24 hours following the corresponding meeting.
"It’s obvious that trade.io is now a major focal point of competitors and those attempting to destroy the movement that is on the ground floor, and we guarantee you we will not bow down to their actions," commented the company.