[My name is Richard Forsyth and I am one of the founders of Alitin Mint. I am very sorry to those of you who have had your coins compromised.]

My name is Richard Forsyth and I am one of the founders of Alitin Mint. 

I am very sorry to those of you who have had your coins compromised. 

So far, we have received very few reports and we believe that the breach was quite limited, but we urge any of our customers to contact us so that we can work with you on an individual basis to resolve the matter to your satisfaction as soon as possible.  You may reach me at raforsyth@alitin.com, and I will try to get back with you as soon as I can.

I contacted authorities (FBI) first thing this morning and we are cooperating as best we can--we are laying out our pockets, so to speak, and inviting a vigorous investigation in to myself and my brother/partner as soon as possible so we can clear our names and get to work helping anyone who has been cheated to receive whatever recovery we can restore, and to also bring the perpetrators to full justice.  An official report has been filed with the FBI and I am at their disposal, 24/7, in any investigation which may (likely) occur. 

We will also be re-launching our site at AlitinMint.com soon so that anyone who has any concerns can contact us and work with us to resolve the issue as best we can, with an emphasis on full customer satisfaction.  I invite any investigation in to myself or my partner because I know we have nothing to hide and we're eager to earn any kind of trust back in the Bitcoin community, though we are likely out of the physical Bitcoin business for good at this point. It's not easy to come back from such a devastating blow.  Our reputation is dear to us, and we have both dedicated our lives to ethical and generous principles; and we care deeply about our private and business relations.  We're horrified if we have hurt anyone in anyway.  We'll do anything in our power to make it right.

Alitin Mint has been out of business for about 2 years now.  We just didn't sell enough coins and the regulatory environment became more complicated and expensive than we anticipated. Our original plan was to offer high grade numismatic coins with Bitcoin codes attached in order to offer a secure product that at least partially bridged the gap between the less risk averse and tech savvy on one hand, and those who were interested in Bitcoin but balked at buying something entirely virtual--we thought it might help skeptics get in to Bitcoin by offering them something tangible for their purchases; something physical to hold on to, but an entry in to the Bitcoin market.  We started out at the $80 BTC price, but things ballooned way out of control in BTC pricing and this blasted our sales apart because our products were just too expensive too soon for most interested customers.  Plus, compliance became so expensive and time consuming that our business just naturally became insolvent.

We spent years as advocates of cryptocurrency and I myself was a regular on the national speaking circuit as a compliance expert in finance and crypto to banking associations with FIBA and CSMB out of Miami. For a time, I was quite well known as a crypto expert to bankers around the world.  I also worked as a consultant and educator on the subject for several years.  As you can imagine, it would be devastating for someone in my position to be the subject of even one small breach of security of any type or level, because I only aim for perfection in my work. There's really no room for mistakes in what we do, but we are reasonably sure we were burned by an insider to our organization.  This might indicate a somewhat greater tendency towards trust with our people than was warranted and, if that was indeed our mistake, we apologize profusely.  We truly thought we were being paranoid with even the people we trusted, but again, apparently no security system is 100% full-proof. 

We did once have offices but we have since sold them and we've mostly gone our separate ways, but those involved in the company mostly stay in contact.  My personal phone number has since changed as well, but neither our phone or address changes have been in an effort to hide or avoid anyone.  We intend to make good on our promises and to do our best to satisfy anyone who has been aggrieved.  And we will get the bottom of what happened and resolve it. 

I personally understand what it is like to be robbed.  It's infuriating, and I COMPLETELY understand and fully accept the anger.  I urge you to contact me at raforsyth@alitin.com if you think you have had coins stolen from you, and I also hope you will contact me if you have other questions or concerns.

Please feel free to vent at me personally.  Call me names, threaten me, whatever you need to do--you will find me completely contrite and eager to help in any way I can.  I will apologize personally to anyone who is aggrieved in this issue and ask for patience and mercy.  I have personally never been at a lower point in my life, even if it turns out to be only a few coins that were compromised, because again, there was never any room for error here. 

At this time, we're still not entirely sure what happened but we have some running theories and we hope to resolve any investigation that we anticipate will begin shortly.  Again, we urge you to contact us so that we can get as much information as possible for the authorities to work with.  I will monitor my email account to be prompt to your questions and request; and again, if you just want to rant at me.  I considered many of those I met to be wonderful people and hoped for a chance to meet at future conferences to strike up long-lasting friendships.  I've been so impressed by the kindness, the energy, and the intelligence of the Bitcoin community.  I admire so many of you.  I am still a believer in the crypto concept and not just for personal gain.  I still believe it will change the world for the better, and I still hope to be a part of that in some way, however limited.  And as a consequence, I am deeply wounded to be in a position where I have wounded or undermined trust with anyone. 

I met many of you personally in the sale of these coins and I was sincere in my promises and belief in our product.  I have never stolen anything in my life, but I am certainly guilty of personal mistakes from time to time.  I offer no exculpation other than my vigorous assertion that neither I nor my brother had anything willing to do with any security compromises of our products.  Our security was vigorous but nothing can be 100% secure.  Again, we are still intensely surprised and disappointed by this breathtaking news that even a few coins have been compromised. You will find on my part only a willingness to satisfy anyone who has been injured and to do my best to make things right. 

Thank you for any patience you are willing to extend to us in this issue, and please contact us if we can help you personally.

Sincerely,

Richard A Forsyth
Former CEO of Alitin Mint

 

January 2, 2014 is the release date of the 2013 Adam Smith Limited 1st Edition, by presidential sculptor John B. Andelin. This is a physical bitcoin containing 2 "cold stored" coins in addition to 2 Troy ounces of silver from Alitin Mint (alitinmint.com).  This is a VERY limited edition as only 600 coins have been struck in 2013.

This will signal a new standard in physical bitcoins.  The inaugural coin is 1.75 inches in diameter and 5 mm in thickness. Struck in two ounces of pure silver, the hefty coin dwarfs the U.S. silver dollar.



Besides the impressive size of the coin, Alitin mint has created a security system that is impressive.  The complete public address is engraved on the reverse face of each coin.  The private key is engraved on the edge of the coin, and is hidden from the view of the owner of the coin until the tamper proof acrylic case is opened.  The case is sealed, preventing opening without breakage. See picture below.



Some have suggested that the engraved key on the edge of the coin could be subjected to hi tech imaging such as ultrasound, MRI and CT.  This issue has been discussed with professional radiologists, and it has been affirmed that such a quest lies far beyond the reach of any technology of the foreseeable future.

Another unique feature is that absolutely no defacing of the coin occurs upon redemption.   If an owner wants to remove the coin from its case just because he can't resist holding it in his hand, all he has done is diminish the resale value.  If he chooses to redeem the coin, the coin will continue to hold value as a collectible because the aesthetic integrity of the coin has not been compromised.

Alitin Mint, located in Springfield, Missouri, is a subsidiary of a licensed money services business with money transmitter licensing that has established strict anti-money laundering policies in accordance with U.S. government regulations. The security system of its coins reflects a proactive vision that will be sufficient even when bitcoins attain values of thousands of dollars each.  All engraving is done within the company in accordance with strict protocols.  In addition to the two layers of security of the cases themselves, a proprietary cipher system has been established to prevent the counterfeiting of Alitin coins.

The vision of Alitin Mint is to produce not only physical bitcoins that are secure, but also to create limited edition art pieces that in many cases surpass coinage produced by government mints.

The coins are created in high relief by sculptor John B. Andelin.   Each edition will honor a person who has selflessly contributed to the progress of humanity.  The next coin, scheduled to be released in February of 2014, will depict Joan of Arc.  Other coins will honor explorers, scientists, philosophers, and other world figures whose efforts have elevated mankind. Notably, a portion of all proceeds will be donated to the Bitcoin Foundation.

As a unique collectible, the holder of Alitin coins has a unique opportunity to collect a combination of bitcoins, precious metals, and limited edition art pieces, all in one product.  Each coin is signed and numbered by the artist on the inside of the case.  Such a unique collectible will likely attract not just those pre-commited to bitcoin, but numismatists and other collectors who are not as familiar with bitcoin.  In this manner, it is hoped that the sale of Alitin coins will help spread the bitcoin message to the world.

PLEASE NOTE: Alitin Mint is in the business of selling limited edition collectible pieces of art which are fashioned out of precious metals and which contain embedded crypto-currency. Alitin Mint is not an investment advisory firm and it does not offer investment advice in any form. Alitin Mint encourages you to seek professional advice from a licensed investment adviser before making any decisions about investing your money.