Titanium hacked? Dammnnn
First of all.. I would say this.. Just chill out, guys! We are in good hands!
Today, in a malicious act, approximately 16 million BAR ICO tokens were taken from Titanium company wallets. These wallets had been storing four million reserve BAR and 12 million BAR for team allocations, recently minted by TBIS engineers. TBIS Inc. CEO, Michael Stollaire, has locked down all company accounts and notified authorities with case sensitive information regarding the perpetrators of this illegal theft.
For ICO investors and BAR token holders this malicious act means that a large number of the signature token of Titanium’s closed ecosystem (BAR) is now in the hands one or more criminals who may at any time choose to devalue the token by selling some, or all of it. According to Titanium CCO, Martha Breed, “While it is the hope of the entire Titanium team that the perpetrators of this act be brought swiftly to justice, we find it necessary to take unprecedented steps to provide a transparent solution immediately.” To this end:
TBIS will fork their ICO token (BAR) and create a second token (TBAR) to be used within Titanium’s closed ecosystem for goods and services in place of BAR token.
TBAR will be issued in a 1:1 ratio to all BAR holders. This includes both ICO participants and those who have acquired bar via exchange purchases or other means. Please note however, that TBAR will not be issued for most of the BAR involved in today’s malicious act.
Everyone with BAR currently in an Erc20 wallet will automatically receive TBAR alongside BAR in their wallets.
For those who currently have BAR on an exchange, a simple form will be provided in 24–24 hours for verification before TBAR is released in the same amount as current BAR holding.
Titanium has already asked that both official and unofficially announced exchanges cease allowing BAR token to trade, and will ask that TBAR begin trading in place of BAR after distribution.
GOOD TO NOTE: Titanium’s Minimum Viable Product (MVP) has been promised by March 1st, 2018. MVP production and release will not be affected by today’s events. Please stay up to date with all official announcements by joining Titanium’s official Telegram community.
QUICK SUMMARY: Due to a malicious action resulting in illegal theft of 16mil ICO tokens, BAR token is being replaced with a forked token, TBAR. TBAR will replace all circulating BAR tokens. TBAR will automatically be sent in a ratio of 1:1 to all Ethereum wallets currently holding BAR token. A simple form will be provided for those with BAR currently on exchanges. This is for verification before TBAR is released and only for those with BAR currently on exchanges. Titanium’s MVP remains unaffected and will be ready for release by original target date of March 1st, 2018.