Dear Titans,
As many of you are now aware, last week on Wednesday, February 21st, a malicious act resulted in the theft of 12 million freshly minted Titanium team allocation BAR tokens. This was in addition to some BAR kept in a reserve wallet. We initially reported the amount stolen to be approximately 16 million BAR. However, it quickly became apparent after an audit of all BAR token transfers that the total amount of BAR stolen is approximately 18.76 million. We are bringing you this updated information as well as our final plan for TBAR distribution. For full details regarding Titanium’s official response after the theft occurred, please find two updated articles from Titanium’s official Medium blog here: Article 1, Article 2
On Friday, February 23rd Michael Stollaire paused the distribution of TBAR at the advice of investigators working on the case. We will begin to distribute TBAR again on Monday, February 26th. Please find our plan below:
Any BAR purchased, earned, or acquired on or before February 21st at 4pm (PST) will receive TBAR in a 1:1 ratio (TBAR to BAR).
All BAR purchases made between 4pm and 7pm (PST) on February 21st will be evaluated on an individual basis for TBAR distribution.
a)This process will be completed via wallet snapshots taken on Feb 21st taken shortly after 7pm (PST).
b)We will use the Ethereum blockchain to trace transaction details transactions for every wallet used during this time period and provide a fair TBAR to BAR ratio based on BAR purchase price.
- Any BAR purchased after 7pm (PST) on Feb 21st will be evaluated on an individual basis. Most BAR purchases after 7pm (PST) on February 21st will not be eligible for TBAR distribution.
a)On very rare occasions ETH refunds may be offered in place of TBAR for BAR transactions made after 4pm (PST) on February 21st.
Thus far, our wallet audit has revealed that the vast majority of BAR ICO participants and BAR token holders had their BAR in Ethereum wallets on or before 4pm (PST) on Wednesday, February 21st. This means that, just like other coin forks, most folks waited for new token details to solidify instead of rushing to list their BAR tokens on the exchanges which remained open to BAR trading despite Michael Stollaire’s personal request that they cease immediately.
As TBAR will be distributed directly to all Erc20 wallets (like MEW, Metamask, and/or Ledger) which held BAR on or before 4pm (PST) on February 21st, only a small portion of ICO participants and/or BAR holders will need to complete one of three simple forms in order to qualify for TBAR distribution. If you lost a transaction during ICO by providing an exchange address, moved your (previously acquired) BAR from one Erc20 wallet to another after 4pm (PST) on February 21st, or had/have BAR (acquired before 7pm on February 21st) still on an exchange address, please fill out the corresponding from below:
a)Due to our investigation, those who lost BAR purchases during ICO by providing an exchange address in lieu of a (required) Erc20 wallet address may now recover TBAR using this form.
b) Erc20 wallet to Erc20 wallet BAR transfer form. This form is necessary only for those who moved BAR from one wallet to another wallet (not an exchange) after 4pm PST, on February 21st.
c) Those with BAR token listed on an exchange address between 4pm and 7pm (PST) on February 21st must complete this form for verification before being issued TBAR at proportional ratio to the cost of BAR at 4pm (PST) on February 21st.
The Titanium team is pleased to announce that our Minimum Viable Product (MVP) demonstration is still set for release on March 1st, 2018, as promised. Additionally, we have made advancements toward finding the perpetrator(s) of this crime. More details will come in the following days regarding our ongoing investigation as well as the unique security procedure solutions which were immediately implemented.
The Titanium Team would like to thank the entire Titanium community for their patience, understanding, and support during this time. The TBAR fork will preserve the integrity of Titanium’s ecosystem moving forward and we greatly anticipate sharing many exciting advancements in the coming weeks.
Original Link:
https://medium.com/@TBIS/tbar-distribution-resumes-fef526563bc8