Investors in last month’s initial coin offering from Titanium received unwelcome news yesterday when it was announced that 16 million of the BAR tokens had been stolen from the company wallet.
The tokens were partly stored as a reserve (4 million) but the majority (12 million) were tokens allocated to the team.
Fork Underway To Eliminate Stolen Tokens
CEO Michael Stollaire has reportedly locked down the company’s facilities and informed authorities of “ … case sensitive information regarding the perpetrators of this illegal theft,” leaving some to speculate that the thieves may be known to the project team.
Titanium has moved swiftly to fork the token, creating a new alternative to be known as TBAR, and has made a request to exchanges listing BAR toking to cease trading immediately.
However, the situation remains fluid as the latest post on the company’s Reddit page states: “At the advice of forensic investigators, TBAR distribution has been temporarily suspended. It is our hope that TBAR distribution will resume as soon as Monday, February 23rd.”
It is believed that wallets holding BAR token will be airdropped with an equivalent amount of TBAR token excluding those that can be sourced to the stolen BAR.
Those who have moved their tokens or bought after the ICO on an exchange, however, will need to complete a form to receive their TBAR replacement.
Titanium are attempting to enable users to set up an enterprise level infrastructure, capable of global reach, from their laptop with their proprietary Company as a Service™ (CaaS) and Infrastructure as a Service (IaaS) platforms.
The pre-sale cost of BAR was $0.80 and $1.00 in main sale, with the company achieving its $35 million hard-cap.