ZAP FINANCE

DESCRIPTION OF EVENTS

"Zap Finance [was] a merge of Aave & Uniswap on Binance Smart Chain (BSC) offering flash loans (Zap Loan) and DEX (ZapSwap) to users of BSC network." "Zap Finance marketed itself as a “De-Fi” lending and trading platform that aimed at a fair distribution through liquidity mining. This token promised aspects of frictionless yield generation and DEX AMM technology, which was all created piggy-backing off of other De-Fi protocols. The team began its launch on 1/28/2021, marketing the project’s fair distribution and the inception of liquidity rewards, which were all a sham."

"Stake LP tokens of Zap DEX and earn Zap tokens (ZAP)!" "Trade BEP20 tokens on ZapSwap securely on Zap DEX!" "Lend or borrow cryptos under a minute from Zap Loan!"

"Zap Loan offers a decentralised non-custodial liquidity market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralised (perpetually) or undercollateralised (one-block liquidity) fashion."

"ZapSwap is a decentralized protocol for automated liquidity provision on Binance Smart Chain (BSC). Users can trade BEP20 tokens securely on ZapSwap."

"Zap Bridge offers safe and secure conversion of tokens between different networks such as ERC20 BEP20 and TRC20. Launching with BEP20 and next on timeline to launch it on ERC20 and bridge it."

"Zap Governance powered by Zap holders defines the rules for market participants, aiming to improve the challenging condition of lending protocol. Zap holders can participate in governance via governance proposals and voting and set protocol rules."

"Zap uses the codebase of RFI to offer frictionless yield to the holders of Zap tokens. Zap charges 1% fee on every transfer and instantly distributes the fee to token holders."

"Zap tokens are fairly distributed to the community via the farming pool. There was no presale or ICO or private sales. 90% of the token supply is allocated for farming and remaining 10% is allocated for the team."

"This Rug-Pull method is one of the most commonly seen on the BSC, where the smart contract receives permission for unlimited spending of LP tokens. Nearly hours after opening the liquidity pools, the team swiped all liquidity and swapped the funds for BNB and BUSD. The following transaction displays the swap done using community LP tokens for BUSD and BNB."

"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."

"[A]nother bad story coming in this industry, because about three days ago this project created this announcement thread, but now this project gone." "They are decide to gone and completely delete all thing about zap finance, not just twitter and website but their telegram account also they delete, they make as if they never exist Grin It's good to see they finally realizing their readiness, still unable to put forward a proper project."

Zap Finance was another yield farming platform which ended up disappearing. All social media and the website disappeared, and investors did not get any recovery.

HOW COULD THIS HAVE BEEN PREVENTED?

Zap 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.

Check Our Framework For Safe Secure Exchange Platforms

Popcornswap, SharkYield, Zap Finance, Tin Finance, Multi Financial — осторожно (Jul 10)
SlowMist Hacked - SlowMist Zone (May 18)
Zap Finance (ZAP) Token Tracker | BscScan (Aug 14)
Zap Finance (Aug 14)
[ANN][DeFi] Zap Finance - DeFi Lending & Trading Platform on Binance Smart Chain (Aug 14)
What Are Liquidity Siphon Rugpulls on Binance Smart Chain? (Aug 14)
Binance Transaction Hash (Txhash) Details | BscScan (Aug 14)
Binance Transaction Hash (Txhash) Details | BscScan (Aug 14)

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