Titanium CEO charged with fraud by SEC. TBAR crashes as company's assets frozen

[chocopapaya]

Titanium Infrastructure Services was a fairly hyped ICO last Dec. 17 to Jan. 18 that managed to hit their hardcap fairly quickly and was 2x to 4x ICO price for awhile after it hit exchanges.

Then, there was a hack where millions worth of BAR (titanium's token) were stolen from devs addresses (which were merely kept in mew lol).
They decided to hardfork it, and swap BAR for TBAR.

Now, the SEC has charged Titanium, CEO Michael Stollery (He was using a fake name Stollaire...), and Stollery's other business EHI with fraud.
He has claimed business relationships with major companies, people in the FBI and SEC, and has potential used company funds to pay off debt and also a home in Hawaii.
All assets have been frozen and authorities have already seized company computers and have a retainer managing all the assets.

Here's the official statement from the SEC:

https://www.sec.gov/news/press-release/2018-94


Wow...what a crazy scam story.  Crypto really is still the wild wild west. Stollery will have a great time in jail with the Centra and Bitconnect founders.

[dumplingsandsushi]

This is crazy.

I was so close to investing in Titanium, it was one of the ICOs I was considering.
I didn't end up investing any because I decided to start only investing in ICOs with a project.
Really dodged a bullet here.

The craziest thing about all of this, is I remember reaching out to the CEO and he personally took the time to answer my questions.
My impression was that he was really personable and convincing.

I guess that's why he was able to scam so many people.

Now, with the SEC starting to target a lot of ICOs, I'm starting to reevaluate how I invest and am thinking of staying away from ICOs all together.
Especially, as the market is maturing, established companies will start outlasted the short term gains of flipping an ICO.