Forbes Media, in partnership with NewCity Capital and Trade.io, announced the beta launch of Forbes CryptoMarkets yesterday. The new data-portal will combine market coverage with news updates, opinion pieces and interviews focused on the crypto community.
In a press release, Forbes Media CEO Mike Federle explained that as one of the most respected media brands globally, the company will deliver comprehensive coverage of cryptocurrency and blockchain markets.
“Forbes CryptoMarkets, a new licensed business, represents a natural extension of our powerful brand,” he said. “[This is] a new venture that promises to deliver immense value to investors, traders and market watchers.”
Chien Lee, the chairman of NewCity Capital who will also lead Forbes CryptoMarkets, echoed Mr. Federle’s enthusiasm.
“We are excited to partner with Forbes to create a trusted source for those seeking information on the new digital economy. This includes Bitcoin, Ethereum, cryptocurrencies, tokens and the companies underlying them,” said Mr. Lee.
“Forbes CryptoMarkets will be the definitive resource for everything crypto and blockchain.”
The Forbes CryptoMarket team will include data scientists, programmers, and analysts working to update several planned indices for traders. According to the press release, these will include Top Cryptocurrencies Global and Top 10 Blockchain and Dapps Global.
Eventually, Forbes CryptoMarkets will be accessible in a range of languages, including Chinese, Russian, Korean and Vietnamese.
Unfortunate Timing for Trade.io
The launch of Forbes CryptoMarkets is a major achievement. While Trade.io should be celebrating the Forbes partnership, the company is busy recovering from a recent theft of cryptocurrency tokens on October 21.
Approximately 50 million Trade.io tokens (TIO) went missing, which amounts to $7.5 million USD at today’s prices. CEO Jim Preissler took to Medium on Sunday to explain what he calls “an extremely strange situation.”
“Around 08:40 EST our security team was alerted to a large transaction from one of our wallets held in cold storage,” Mr. Preissler said. This is unusual, given the difficult task of hacking hardware wallets when easily accessible online wallets are also available.
But things only got stranger.
According to Mr. Preissler, ”as [the security team] investigated, they started noticing some irregular trading activity in TIO pairs on Bancor and Kucoin.” The thieves were trying to exchange the Trade.io tokens for currency.
Hackers rarely target tokens because, unlike bitcoin, the issuing company or organisation can easily change their value.
Mr. Preissler addressed this possibility, adding that Trade.io might implement a network fork to “[make] the 50 million that were taken from us worthless.”
Despite the setback, Trade.io is recovering well with plans to trace the stolen tokens’ movements on the blockchain.
Looks like Forbes CryptoMarkets found their first story!
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