Important info regarding Titanium BLockchain (BAR token)

[ChiNgadOr]

Many of you probably realized Titanium dropped almost a 80% today.

summarizing:
Titanium was hacked, 16M bar stolen.. Team made a very quick move, asking exchanges to stop trading of BAR tokens..
To fix the issue there will be a fork.. and holders will get TBAR for every BAR (ratio depending on time you got BARS in your adress). Many unscrupulous exchange keepep on trading the tokens,but they are useless, keep away from them.
This was obviviously bad news for Titanium, but the way they solved this, so fast and clean made me keep trust on this project. Surely it will become a huge project with time.

officinal announcement here:
ATTENTION: Official Update:
•In response to community concerns,
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 ration of 1 TBAR : 1 BAR

•@TBISINC is the official announcement channel for Titanium.

Official announcement updated for clarity at 5:52pm (PST):

Dear Titans,
    Today, in a malicious act, approximately 16mil BAR ICO Tokens were taken from Titanium company wallets. These wallets had been storing 4mil reserve BAR and 12mil 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 all of it. While it is the hope of the entire Titanium team that the perpetrators of this act will be brought to justice, we find it necessary to take unprecedented steps to provide a transparent solution immediately:

     1)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.
      2)TBAR will be issued to all BAR holders (both ICO participants and those who have acquired bar via exchange purchases or other means, excluding today’s malicious act).          
         -Everyone with BAR currently in an Erc20 wallet will automatically receive TBAR alongside BAR in their wallets.
         -For those who currently have BAR on an exchange, a simple form will be provided for verification before TBAR is released in the same amount as current BAR holding.
      3)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.
     4) MVP production and release by March 1st, 2018, will not be affected.
    
QUICK SUMMARY: Due to a malicious action resulting in illegal theft of 16mil ICO tokens, BAR Token is being replaced with a forked token, TBAR. TBAR will replace all circulating BAR tokens. ***You will see TBAR show up in your Ethereum wallet. Please do not be alarmed, your tokens are safe and you were not compromised. Titanium’s MVP will still be released by target date of March 1st, 2018. ***

[tdeannova]

So complicated and confusing. I was reminded of the project Uah Pay, the problem that happens almost the same. But we remain optimistic and hope Titanium can be better in the future.

[gin113]

this project is very close to being a scam tbh, would stay away

[DdmrDdmr]

We'll see how it plays out. Checkout the official telegram group for updates (https://web.telegram.org/#/im?p=@TbisOfficial).

If you read all the dymamic messages on telegram right now you'll go bonkers, but it’s the place to be informed.

This case is a severe warning to all ICOs. It is mandatory to have a proper token storage strategy in place on behalf of the ICO and make this a primal matter to attend. ICO websites and internal storage systems are terribly vulnerable, and expert hands and minds need to be placed to this task. Tokens are not coins that are intended to be inserted into tumble driers, but people’s savings.

[ilovefeetsmell]

I've been shocked for BAR token price dumped easily. I hope the people this theft will brought on jail, they will damage the cryptocommunity that are decently purchase the token. Good job for the Titanium team for the fork happen. They proved that there always a solution on a certain problem like that. I will wait for the right time distribution of the token. Share the information outside and inside of this forum for the people to be aware on what is happening on Titanium Bar token.

[0RajA0]

this project is very close to being a scam tbh, would stay away

Forwarded from Titanium Announcement

Dear Titanium Community,
We would like to provide a brief update in order to address your concerns. Thank you for bringing them to us and also for your patience while we restructure internally. This process is nearly complete and none of Titanium’s products or services will be affected.
•Christopher Michael Snook is no longer employed at Titanium. Formerly, he held the office of Chief Technology Officer.
     •Over the past month, Snook made poor decisions including, but not limited to, public slander of TBIS Inc., CEO, Michael Stollaire, and COO, Richard Silver. This behavior is unacceptable and not representative of Titanium. We have initiated legal proceedings to hold Christopher Snook accountable for his actions. Please know that we understand the confusion that has occurred as a result of Snook’s inexcusable behavior.
•Titanium has brought on an acting CTO whom we believe will add much value to our Company.
•As many have noticed, our website has not been updated with information regarding the BAR token theft, TBAR fork, and MVP announcements. We are currently updating our website and such discrepancies will no longer take place moving forward.
•Titanium’s development engineers are under investigation. We will provide more information when we are legally able to do so.
•TBAR is still on track to complete tomorrow, Cobinhood, Tidex, and FatBTC users will automatically be handled by those exchanges. We fully expect others to be finalized soon.
•CEO Michael Stollaire has been working with law enforcement officials and and is unable to speak publicly about the BAR token theft. His absence from our Telegram and Discord communities is not by choice.
•Titanium’s new security procedures, implemented immediately after BAR token theft, will be detailed soon.

NOTE: Michael Stollaire would like to relay that the purpose of this announcement is to inform the Titanium community immediately.
•We understand the necessity of addressing this information in more detail and will do so via official Titanium Medium Blog to be shared @TBISINC and across social media platforms.