Trade.io News And Announcements, Improving The Exchange Platform

in #cryptocurrency5 years ago (edited)

Within the 4th quarter of 2018, the trade.io exchange platform has experienced some ups and downs, but an active team the problems were amicably solved and new measures were adopted to create a benefiting environment for Trade.io clients, traders, and investors.

Breach Of The Cold Storage Hardware Wallet

On the 20 October 2018, Trade.io experienced a breach of wallet, where huge amounts of Trade Tokens (TIO) worth 50M meant for the Trade.io liquidity pool, were transferred to an exchange wallet. After the Trade.io team noticed an unusual movement of TIO on external exchanges, alerts were quickly sent to these exchanges for immediate deactivation of all deposits, withdrawals, and other transactions of trade tokens while the team ran investigations.

At this moment, all transactions on the Trade.io exchange platform were moving smoothly, no other wallet was affected, as well as the liquidity pool because only the particular wallet where the funds were transferred from was breached and it was directly purchased from the manufacturer. Furthermore, investigation reports showed that there was no technical hack on the exchange cold storage unit, no funds were lost from any customer's wallet and the platform still remains secured and unbreached as ever, it shows no sign of malicious and fraudulent act by internal users.

Kucoin and Bancor exchange management teams assisted in the immediate investigation. However, the responsiveness by the Trad.io team members shows how active the exchange platform is, to tackle all difficulties that arise on the platform and also quarantine issues connected to abnormal transactions to prevent any potential impact on the exchange platform.

The TIO/TIOx Fork

Due to the breach of cold storage hardware wallet that occurred, the platform took a course of action to protect traders and holders of the Trade Tokens (TIO). Trade.io embraced a decision to Fork TIO, the newly forked token was named Trade Token X (TIOx) and trading began on the 31st of October 2018 on the exchange platform.
With respect to privacy policies, some external cryptocurrency exchanges that trade the Trade.io token were unable to render support during the breach, but fortunately, some helped, and made a possible impact to contain the problem. Therefore, the management introduced a method that will reduce the impact on holders of TIO and treat everyone fairly.

All Trade.io clients holding TIO on the Exchange platform and Liquidity Pool received 1 TIOx for each of the TIO they were holding. But before the Fork, all deposits and withdrawal of TIO were disabled, also restricting entrance and exit from the liquidity pool. All transaction processes were enabled after 24 hours distribution of TIOx, leaving all TIO worthless and inaccessible.

Trade.io clients that held TIO in an external wallet (ERC-20) were deposited with the same amount of TIOx after the snapshot. Only a few external exchanges like Kucoin supported the fork, other exchanges like HitBTC & gate.io did not it. A snapshot was established on the exchanges that supported the fork, any transaction that took place before the snapshot was valid for the distribution, but there was no reflection for any transfer of trade tokens into the exchange after the snapshot, and the wallet will not be airdropped with the forked tokens.

Trade.io Hosts Dare To Share Extravaganza

The exchange platform held a Dare to Share competition in June, where people engaged and shared Trade.io posts and updates across various social outlets. The competition was a step for the platform to give back to their community, with selected winners after an evaluation.
Trade.io Dare to Share competition was held in three phases. Top winners of every round were selected and awarded trips to Cyprus, the trip includes accommodation in one of Limassol’s hotels, tickets to participate in networking events where they can interact with specialists and high influencers, also experience a good treatment with the island’s delightful local cuisine.

Launching Of TIO Markets

Trade.io announced their agreement to acquire the FCA-regulated Primus Capital Markets UK Ltd, a Forex trading market in Europe. The Primus Capital Market is now known as TIO Markets, which will offer FX trading with the use of digital assets as main currencies for deposits and withdrawals. At first, the accepted crypto assets will be Bitcoin, Litecoin, Ethereum, and the trade.io utility token TIOx.

The acquisition of Primus Capital Markets will allow the company the opportunity to aggressively expand into the UK and the European region. At the same time, with an FCA regulated business, it provides management the opportunity to display to our clients we are striving for a higher standard and welcoming regulation instead of avoiding it.
There are many similarities to crypto and FX trading, and by marrying the two and offering it under one of the most respected regulatory regimes in the world, it makes for the perfect acquisition.”

As the exchange platform continues to improve their products and services, the liquidity pool becomes very attractive to both traders and investors, part of their generated revenue will be allocated to the liquidity pool, which will help bring in more clients.

Trade.io Important Links:

Project Website: https://trade.io/en
Products & Services: https://trade.io/en/liquidity-pool
https://trade.io/en/otc-trading
https://trade.io/en/ico-services
https://trade.io/en/investments
https://affiliates.trade.io
Trade.io Team: https://trade.io/en/about
Facebook: https://www.facebook.com/trade.io/
Medium: https://medium.com/@trade.io
Twitter: https://twitter.com/TradeToken

Thank you

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