$3 000 USD

MAY 2021

GLOBAL

TANABATA FINANCE

DESCRIPTION OF EVENTS

"The Tanabata festival is an event related to the stars. It is based on the Chinese star festival called Kikkoden. During the eighth century, it was conveyed to Japan as one of the Imperial Court’s events and was spread among the people in 17th century. This is the traditional Japanese tragic romance story for July 7th."

 

"Cheaper and faster than Uniswap? Discover Tanabata Finance, the leading DEX on Binance Smart Chain (BSC) with the best farms in DeFi and a lottery for ..." As an "Optimized AMM & Yield Farming on Binance Smart Chain", "Tanabata Finance (TABA) [wa]s the next generation of Automated Market Making (AMM) decentralized exchange with a deflationary governance token model. We [we]re your go-to yield farm running on Binance Smart Chain, with lots of other features that let you earn tokens."

 

"Taba Finance dev ha[d] the ability to hard rug any BEP20 tokens." CertiK "received inbounds that indicate high risks regarding a project named taba.finance. They claimed to have the CertiK audit in progress, but it's fake. The owner can use a privileged function in the contract to withdraw all users' funds. Be cautious and DO NOT engage with them."

 

"Taba Finance dev has the ability to hard rug ALL BEP20 tokens." "Then they executed the biggest rug in history (probably not)." "Thanks to our warning they were only able to run away with $1300."

Featuring a fake CertiK audit and naming itself after a large Japanese festival, Tanabata Finance burst onto the scene. The owner had built themselves a smart contract which enabled them to take all users funds, and luckily there was not a significant volume of deposits.

HOW COULD THIS HAVE BEEN PREVENTED?

Having the lack of a lightweight and reasonable framework for financial innovation creates an environment in which legitimate projects are forced to "go rogue", which means that investors are constantly having to guess at which projects are legitimate or not. If expectations were reasonable, there would be no reason for legitimate projects to start outside the system.

 

Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

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