Approximately 8 hours ago Titanium Blockchain posted an article on Medium that a massive amount of BAR tokens have been stolen from the wallets of the company.
As of now the price of the original BAR token has been dropping by up to 95% and exchanges have halted trade with the tokens.
It seems that criminals robbed 16 million tokens from company wallets that belong to the team and reserve.
As an immediate action, it was decided to issue a new token called TBAR that will, with immediate effect, be the new, official token. The TBAR token shall be distributed to the ERC20 wallets without any action required by the holders.
The prices for BAR already dropped massively based on the theft. Users were starting to buy masses as the price lost up to 95%. Since any transactions, performed with BAR since that point of time might not be legit, there will not be a 1:1 exchange from BAR to TBAR. It seems that anybody that tried to buy at a bargain might be left in the deep red since the exchange rate for any trade after the theft will only receive 0.1 TBAR.
I participated in the ICO and held my Tokens since then. It remains unclear if BAR or TBAR can survive this disaster.
Remember, Titanium Blockchain is supposed to create highly secure distributed solutions and applications, trust for this concept might be degrading massively.
There are no further details yet. Let's see what happens next.
Find the official article here: https://medium.com/@TBIS/bar-tbarfork-82b93d39e15e
