$140 000 USD
DESCRIPTION OF EVENTS
"Tin Finance is a next-generation yield farming service that provides trustless vault options to make essential staking, locking for both individual and enterprise closes $100K seed round led by Nano Capital, Asaty Fund and International Group Capital." "Tin Finance promised users a pre-sale of 100,000 USD in return for TIN tokens."
"Tin Finance is a Pancakeswap exchange Fork running in Binance Smart Chain." "TIN includes Trade Binance Smart Chain, Yield Farming, Double symbolic economy, Different prize system, NFT Insurance, Administration, Loaning/Borrowing, Non-inflationary security, [and] Fiat exchange availability."
"Tin Finance is launching a crypto Airdrop campaign to community. Join the Airdrop program and complete the tasks, You will get free 5 TIN Tokens with an estimate value of $5. Step by step to claim TIN Tokes as below." "Click on ‘Statistics’ to check Your TIN Token balance and get referral link. You will get free 5 TIN Tokens ~ $5 after Airdrop campaign ends. Share Your referral link to invite people to the Airdrop campaign, You will earn extra 1 TIN Token ~ $1 per referral."
"Popcornswap, SharkYield, Zap Finance, Tin Finance, Multi Financial - be careful, exit scams." "In a few days, three projects (Zap Finance and Tin Finance, SharkYield) ran away." "[T]wo other De-Fi projects, Zap Finance and Tin Finance, have run off with user funds."
In a "significant rug pull done by Tin Finance [they made] away with about $140,000 worth of liquidity. This project has also gone ghost since the incident, but there Twitter [was] still live [for a brief period before going offline]."
"This rug-pull was structured in a bit of a differ[e]nt fashion, being that of a pre-sale scam." "This project used the Tin Finance contract deployer to siphon liquidity which was then converted to WBNB and bridged off of the BSC. Ultimately the team created a false ethos and promises of a pre-sale, to run off with users money."
"There are reports that the Tin Finance team has deleted the website and possibly rug-pulled. Please exercise caution when interacting with this address." "The BSC team is negotiating refunds to users."
Tin Finance promoted a large token pre-sale for their smart contract through an airdrop promotion.
Once the time was right, the team used a deployer to siphon the liquidity out of the smart contract, making off with $140k worth of funds.
It is not known if any funds were recovered.
HOW COULD THIS HAVE BEEN PREVENTED?
Tin Finance was run by an anonymous team, possibly a single person of unknown background. The funds were not stored offline, nor in a multi-signature arrangement.
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