Trade.io Cold Store Theft Mitigated, Token Holders Protected
Security is one the key foundations of decentralized tokens. The digital assets are encrypted in a military-grade fashion to protect them from malicious attack and hacks. Using a large sequence of randomized alphanumeric string for creation of keys (the password), two factor authentication and other digital securities, tokens are designed to be kept safe.
This article is provided by Bitcoin PR Buzz
To Err Is Human
Even with the highest level of securities to protect digital tokens and coins, lapses of plain oversight does occur. These, when exploited, can lead to theft of the assets. Prime examples are the 2014 Mt Gox hack and this year’s Coincheck breach, where massive amounts of tokens were siphoned off.
Digital thefts are, in a manner of speaking, easier to conduct than stealing fiat or other physical assets, since anyone with the right IT knowledge can hack into a server or platform from the comfort of his couch, half a world away.
Cold Storage Hack
Trade.io was alerted when a unusual large transaction of 50 million TIO (the native Trade.io token) was made. Investigations revealed that the tokens originated from one of its cold storage, a hardware placed offline in a bank safe.
The transactions were traced to trading accounts in Bancor and KuCoin exchanges. The Trade.io team got in touch with the exchanges and they were able to contain the situation, with both the exchanges suspending trading.
Fortunately, the Trade.io team was alerted quickly and the breached wallet contained only the liquidity pool tokens and not user assets. During all this, neither was the Trade.io platform, its trading or its mainnet attacked or damaged in any way. Investigations are underway, but the logical answer is that the hacking party had access to the wallet keys. Trade.io has insisted that there was no internal breach of security and protocol and the hardware wallet was acquired directly from the manufacturer, meaning at no point was there a chance of data leak.
TIO To TIOx
In order to protect the Trade.io platform and its user assets, the exchange team has decided to go for a hardfork and render the stolen assets useless. The new forked tokens will be called Trade Token X, with the tocker TIOx. Further details will be released by the platform later on.
Trade.io is a Swiss platform that offers blockchain financial services, such as OTC trading, TGE services and investments. The platform offers lower trading fee, multiple tradable assets and a customizable trading user interface to accommodate novice and expert traders, alike. The platform is backed by an expert in house security team, whose professionalism and dedication saved the day.The cold hardware wallet that was breached contained TIO liquidity pool tokens, which users can take part in to earn a piece of daily profits the platform makes.
For more information on the trading platform, visit their website: https://trade.io/en
Image via trade.io
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