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Trade.io loses $7.5Mil worth of cryptocurrency in mysterious cold wallet hack

“Cryptocurrency exchange Trade.io admitted to a security breach on Sunday. The company said that an unknown party has withdrawn over 50 million Trade tokens (TIO) from its cold storage wallets. The funds are worth over $7.5 million at Monday’s TIO trading price. It is unclear how the hack happened. Cold storage wallets usually take the form of custom USB-based devices containing login information for an account holding cryptocurrency funds. Trade.io said it stored its cold storage wallet in safety deposit boxes in banks. ‘We have confirmed that the safety deposit boxes were not compromised,’ said Trade.io CEO Jim Preissler. Nonetheless, the company said that on Sunday, around 08:40 EST, its security team detected a large transaction that originated from one of its accounts associated with its cold storage wallet.”

Source: Trade.io loses $7.5Mil worth of cryptocurrency in mysterious cold wallet hack | ZDNet

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