Titanium Blockchain Infrastructure Services, also known as TBIS, are the latest victims in being hacked and having a large amount of tokens stolen. The decentralized infrastructure and platform organization have announced the theft of 16 million BAR ICO tokens from Titanium company wallets.
Michael Stollaire, TBIS CEO, gave an interview with P2P Cryptoz discussing the theft and the company’s plans to move forward.
Stollaire assures investors the team will do the right thing and distribute reimbursements to BAR holders in the new hard forked coin TBAR. Stollaire also states that the creation of TBAR will not render BAR obsolete and compared the current situation to the theft and hard fork of Ethereum last year. Stollaire states the distribution process is currently in process and should be completed within 5 days.
The TBIS team further explained in an announcement the hard fork of BAR and TBAR’s distribution:
- 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. (MEW, Ledger, Metamask)
- 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.
TBIS have been commended for handling the unfortunate circumstances well as many tokens and exchanges experience similar thefts and aren’t able to recover such losses. The TBIS team remain optimistic and will continue on schedule with the release of their Minimum Viable Product (MVP) on March 1st.
The Official TBIS Twitter announced on Feb 23rd that distribution of TBAR will be suspended until Monday, Feb 26th. The company is currently undergoing an audit and working with law enforcement who advised to hold off on TBAR’s distribution.