According to the Titanium team, in a malicious act, approximately 16 million BAR ICO Tokens were taken from Titanium company wallets. These wallets had been storing 4 million reserve BAR and 12 million team allocation BAR Tokens, 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 part of the signature token for Titanium’s 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. While it is the hope of the entire enterprise that the perpetrators of this act will be brought to justice, the Titanium team promptly took some steps to provide an immediate solution:
TBIS will fork their ICO token (BAR) and create a second token (TBAR) to be used in Titanium’s ecosystem for goods and services in place of BAR token.
TBIS will offer any BAR purchased between 4pm (PST) and 7pm (PST) on February 21st TBAR at a ratio of 1 TBAR : 5 BAR.
-BAR purchased after 7pm (PST) on February 21st will not be offered TBAR.
-All BAR purchased or acquired before 4pm (PST) on February 21st will be offered TBAR at a ratio of 1 TBAR : 1 BARTBAR will be issued to all BAR holders (both ICO participants and those who have acquired bar via exchange purchases or other means.)
-ICO contributors who have not moved BAR to an exchange or a different wallet since initial purchase will receive TBAR alongside BAR in their wallets.
-Everyone with BAR currently in an Erc20 wallet will automatically receive TBAR alongside BAR in their wallets.
-For those who have purchased via exchange or moved BAR to a different wallet, a simple form will be provided for verification before TBAR is released alongside the BAR already in their wallets.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.
MVP production and release by March 1st, 2018, will not be affected.
QUICK SUMMARY:
Due to a malicious action resulting in illegal theft of 16 million 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.
Sources:
https://twitter.com/TBISINC
https://www.facebook.com/TBISICO/
https://medium.com/@TBIS/bar-tbarfork-82b93d39e15e
https://t.me/tbisinc/129
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