So... I have some bad news to report. Our primary account on Bittrex was hacked into last week. This is the account we used to set up buy walls to keep the price above 150 satoshis, and the account we used to store our Titcoins for bounties, giveaways and rewards to adult businesses. All of our Bitcoin reserves were stolen which essentially eliminated all of our buy walls. In addition, 1 million Titcoins were stolen and subsequently dumped onto the market. That is why there was a huge sell off last week dropping the price to its current level. After obtaining the logs from Bittrex, we obtained the following records of the individual(s) who hacked into our account:
LOGIN 109.93.135.147 Mozilla/5.0 (Windows NT 6.1; WOW64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/49.0.2623.110 Safari/537.36 2016-04-01 17:45:04.780
LOGIN 178.191.113.156 Mozilla/5.0 (Windows NT 6.1) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/49.0.2623.110 Safari/537.36 2016-04-01 17:21:11.067
Since this incident, the core team has done a little bit of soul searching. To recap:
We launched Titcoin 2 years ago. We set up an infrastructure to allow merchant payment processing. We earned a lot of media coverage from major publications. We earned an adult industry awards nomination 2 years in a row.
On the flip side, the adult industry has been slow to adopt Titcoin. The Titcoin community is pretty much non-existent. And we've personally sunk too much money to keep this coin active while all others coins have died.
With that said, we've made a difficult decision and have decided to pack things up. It was a good experiment for us in the beginning and we've learned a lot about cryptocurrency and blockchain technology... Knowledge that we continue to share amongst our professional peers and network. Unfortunately, we all have full time jobs and are having a hard time juggling things. Plus this theft was pretty much the straw that broke the camels back financially.
Now this doesn't mean we are going to immediately abandon Titcoin. We are going to start the process of finding another reputable team to take everything over to ensure that Titcoin continues to exist long into the future. We do have one small adult company that is interested in taking over the Titcoin development. However our immediate preference is to find a team with greater connections and experience in the crypto world. This might take a few months so we will be involved with the entire transition. Plus I will keep this community informed once we find the right team and begin handing over the reins.
Also, since our buy walls have been stolen, we don't have future plans to rebuild them. What this means is that the volume on Bittrex will likely drop resulting in Titcoin being delisted in several weeks. Unless this community itself maintains active trading on Bittrex to ensure its listing, we won't be able to prevent that from happening. So if you have Titcoins on Bittrex, please be mindful of possible delisting due to lack of trade volume over the next few weeks.
I want to thank some of the core members of this community for their support over the years. This was obviously a tough decision since Titcoin was dear to our heart. We just came to the conclusion that the best way to move forward is to hand the keys over to a new team that has the time and resources to take Titcoin to the next level.
If anyone is interested in taking over Titcoin, please email
partners@titcoins.bizWe will also hand over the original 500k premine plus an additional 500k Titcoins to the new team.
Thanks for the continuing support.
