Titanium Blockchain Infrastructure Services (TBIS) took action to reimburse its community with a newly forked TBAR token after becoming the victim of a crypto hack.

Let’s take a look at how the situation unfolded.


February 21st

Earlier, last week TBIS announced it had fallen victim to a malicious attack resulting in the theft of 18.7million BAR tokens from Titanium company wallets - 12 million of which were newly minted tokens set aside for its team members.

Within the same day the team posted on Twitter that it planned to fork the corrupted BAR token and create a new TBAR token in its place. An email was also sent out to the ‘Titan’ community detailing the 1-1 distribution of these new TBAR tokens along with CEO of TBIS, Michael Stollaire, reassuring all holders that an investigation had been launched to track down the perpetrators.

February 22nd

24hrs after the hack occurred, the team had already began to distribute the new TBAR tokens among its community. For many, those who held their BAR tokens after the Titanium Blockchain ICO in an ERC20 wallet were automatically reimbursed 1-1 with TBAR and those who held the tokens on an exchange were required to verify their transactions via a form.

*For further details on the distribution of TBAR tokens, please head over to TBIS Inc Twitter page.

February 23rd

The team paused the distribution of TBAR after advisories were given by forensic investigators enlisted to assist in uncovering the flaws in the project’s security.
The team announced at the time that there may be potential for the stolen BARs to be recovered but no further information has been given on this since. We can assume that as the fork has continued, the BARs were never recovered.

February 26th

After a 3 day hiatus, TBIS continued to issue TBAR tokens but by then FUD had already spread through the entire community and a sharp sell-off ensued. The alt-coin sank by 89.5% within a few hours from $0.67 to $0.07 and has shown little price action since. This is a far cry from its ICO launch price a month ago, where the project successfully reached its hard cap a month ahead of schedule and entered the market at a high of $4.

What now?

While we wait to see how the investigation progresses, Michael Stollaire and his team will have to work hard if it is to win back the hearts of its disbanded community. Even after the hack the project is still battling other phishing scams, alerting its users on Twitter today that a fake TBAR token has been sighted on the EtherDelta exchange.

In spite of all this negative attention, the project still plans to go ahead with the launch of its MVP today; whether the price will recover in light of this news is a different matter.