Cryptocurrency

Trade.io Loses 50 Million TIO Tokens in Hack

Trade.io, a Swiss blockchain company has been hacked out of 50 Million TIO Tokens according to an announcement made by the company. The market value of the missing coins was $11 million although the value dropped to approximately $7.5 million following the hack.

According to the announcement, 50 million TIO was transferred from a cold storage wallet belonging to trade.io. The money in the cold wallet was apparently intended for the firm’s liquidity pool. 1.3 million TIO (approx. $197,000) was then transferred to two exchanges, Kucoin and Bancor, before trade.io requested that those venues freeze TIO transactions.

Shortly after it was discovered, TIO trading was suspended on Kucoin and trade.io and the token was removed from Bancor permanently.

The Zug-based company raised approximately $51 million during its pre-sale and ICO in late 2017 and its cryptocurrency exchange was launched in late July 2018.