Forbes Launches Crypto Portal, Partner Trade.io Hacked for $7.5 Million in Crypto

Tony "The Bull" Severino

6 years ago

3 mins read

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Forbes Media today launched the beta version of it Forbes CryptoMarkets, in partnership with investment firm NewCity Capital and Trade.io, which suffered a hack that resulted in $7.5 million in cryptocurrency tokens being stolen from a cold storage wallet.

Forbes Launches CryptoMarkets Data Portal for Tracking Crypto Prices

Media powerhouse Forbes Media LLC, has unveiled a new cryptocurrency market and price data aggregation website, akin to CoinMarketCap.

The new portal offers up-to-the-minute, comprehensive data on the top 200 cryptocurrencies by market cap. This includes trading volume data from 31 cryptocurrency exchanges, including Binance, Bitmex, and may other prominent names in the space.

Forbes CryptoMarkets also includes content from interviews and articles from Forbes, as well as a “real-time newsfeed aggregating content from leading news organizations and companies.” Forbes will also leverage its unrivaled access to data to publish four different “CryptoMarket indices,” including the “Top Cryptocurrencies, Top 10 Global, Top 30 Global, and Top 10 Blockchain and dApps Global.”

The initial offering of indices, Forbes says, are there to serve as an “informational tool” to demonstrate market trends, and will add more indices separated by “sector, industry, and cryptocurrency use-case” in the future.

Forbes is launching the CryptoMarkets portal in a partnership that includes NewCity Digital Limited, investment firm NewCity Capital, and “next-generation financial institution based on blockchain technology,” Trade.io.

Bad Timing: Forbes’ Partner Trade.io Hacked for $7.5 Million in Crypto

Trade.io should be celebrating a successful high-level partnership with an American media mainstay like Forbes. However, the exchange and consultancy firm is currently licking its wounds after suffering an unusual theft of $7.5 million in cryptocurrency tokens.

Trade.io confirmed via their Medium blog that someone or some entity gained access to the assets, resulting in over 50 million in Trade (TIO) tokens being stolen from the firm’s cold storage wallets. The 50 million tokens are valued at $7.5 million at the current $0.15 price per TIO.

The ongoing investigation has revealed that some of the TIO tokens had made their way to cryptocurrency exchanges Bancor and Kucoin, and the exchanges themselves are assisting Trade.io with the issue.

What’s unusual is that the funds were stolen from the cryptocurrency exchange’s cold storage wallets, which are typically encrypted USB-devices or pieces of paper with private keys written down that the firm says it stored in safety deposit boxes – safety deposit boxes that the company says “were not compromised.”

Regardless of where or how the tokens were stored, they somehow ended up in the clutches of hackers. Now the company is considering a fork of the TIO token codebase to render the stolen funds useless and preserve the price of the TIO token for other investors.

The hack happened less than 24 hours before the publication went live with its announcement to launch the beta version of its CryptoMarkets product, in a partnership that involves Trade.io.

Featured image from Shutterstock.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.