Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.
CEO Michael Stollery of Titanium Blockchain Infrastructure Services (TBIS) pled guilty to securities fraud in connection to a $21 million cryptocurrency scam. The company promoted its BAR token during 2017–2018, and did not register with the SEC for its ICO. TBIS made false claims including that they had ties to companies including Apple, Boeing, and IBM, and offered various services that did not actually exist. At least 75 people participated in the ICO, giving TBIS a combined $21 million, some of which went directly to Stollery's bank account and personal expenses like a condo in Hawaii. Attack method (per SlowMist): Scam. Reported loss: $ 21,000,000.
- chain
- —
- protocol
- TBIS
- bug_class
- rug
- date_occurred
- 2022-07-26
- loss_usd
- $21,000,000
- source_id
- sm:tbis::2022-07-26