As you may have heard, trade.io suffered, then effectively contained, a security breach over the weekend. Details of the breach are outlined here: https://medium.com/@trade.io/trade-io-effectively-contains-breach-of-cold-storage-wallet-and-protects-tio-holders-f4a7947c3db4
In order to protect all TIO holders, management has decided to fork TIO. The name of the forked token will be Trade Token X with the ticker TIOx. The fork will occur on 24 October 2018 by end of day New York time. TIOx will begin trading on 31 October 2018 exclusively on trade.io exchange, with the exact time to be announced.
Given the fact that TIO was traded on multiple exchanges outside of trade.io, and some have been helpful in assisting trade.io, while unfortunately others have not with respect to containing the breach, we had to devise a customized approach to reduce the impact as much as possible on TIO holders and make sure everyone is treated fairly.
As a result TIO holders are being broken down into 4 categories:
Category 1: Clients currently holding TIO on the trade.io Exchange and/or Liquidity Pool:
In preparation of the fork, all TIO deposits/withdrawals have been disabled along with ability to enter/exit the liquidity pool. Following the fork, all TIO holders will receive 1 TIOx for each TIO they hold. Once all TIOx have been distributed (within 24 hours following the fork), deposits/withdrawals will be enabled again for both the exchange and the liquidity pool. Clients will no longer have access to their TIO at that point, as it will be worthless.
Category 2: Clients holding TIO in external ERC-20 compatible wallets outside of an exchange:
As mentioned in order to balance treating clients fairly and keep TIO holders interest protected, we needed to establish a “snapshot” time following the hack.
To coincide with the closure of Kucoin closing deposits/withdrawals, which was roughly 15:00 EST, 21 October 2018, that is when the snapshot will be established.
What this means is that at the time of the snapshot, all TIO holding regardless if they are in an exchange (apart from HitBTC & gate.io) or in an external wallet will receive the TIOx, except transfer from the wallets that we are monitoring that we believe are affiliated with the party(s) responsible for the breach.
What this means, is that any transaction (i.e. trade, transfer, etc.) that took place prior to the snapshot will remain. However, any transaction or transfer that occurred after the snapshot will not reflect on the airdrop, meaning if you did a TIO transfer from one wallet to another after the snapshot, you will only receive the airdrop in the original wallet before the snapshot occurred. The net effect is the same, obviously, so you would simply need to do the transfer again once you receive the TIOx. In other words if you had 100 TIO in Wallet A, and you transferred 50 TIO to Wallet B after the snapshot, then you will receive 100 TIOx in Wallet A, and nothing in Wallet B.
Category 3: Clients holding TIO on Kucoin:
Kucoin has been extremely helpful in assisting us during the last 48 hours. They have agreed to airdrop TIOx to all clients holding TIO in their exchange, and then allowing clients to withdrawal their TIOx so it can be deposited/traded on the trade.ioexchange.
Category 4: Clients holding TIO on HitBTC or gate.io:
Unfortunately neither HitBTC nor gate.io was helpful in assisting us, and due to this the process to receive TIOx will not be as straight forward. To that end, if you currently have TIO at either of these exchanges, please contact tioxclaims@trade.io.
In terms of numbers, there are roughly 223M TIO, so as a result 223M TIOx will be issued. It appears approximately 1M breached TIO were traded, and management has decided to take that 1M TIO from their tokens to make up for the deficit.
Lastly, while we’ve worked around the clock to ensure the fork goes smoothly, given the massive amount of TIO holders, there may be a couple of issues. Our support team and management is fully devoted to ensure that everyone receives their TIOx and that everyone is prepared to trade once TIOx is available for trading on 31 October 2018.
Thank you all very much for your continued support.
