Tanabata Finance/Taba Finance Exit Scam: Difference between revisions
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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/tanabatafinancetabafinanceexitscam.php}} | {{Imported Case Study 2|source=https://www.quadrigainitiative.com/casestudy/tanabatafinancetabafinanceexitscam.php}} | ||
{{Unattributed Sources}} | |||
[[File:Tabafinance.jpg|thumb|Tanabata Finance]]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. | [[File:Tabafinance.jpg|thumb|Tanabata Finance]]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. | ||
This is a global/international case not involving a specific country. | This is a global/international case not involving a specific country.<ref name="certik-1251" /><ref name="reddit-1358" /><ref name="dappradar-1359" /><ref name="rugsteemertwitter-1360" /><ref name="mccsiwakuni-1361" /><ref name="bscscan-1362" /><ref name="pikbest-1363" /><ref name="tabafinancearchive-1459" /><ref name="rugdociotwitter-1460" /><ref name="ltumplingtwitter-1461" /><ref name="rugdociotwitter-1462" /> | ||
== About Tanabata Finance == | == About Tanabata Finance == | ||
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Don't Include: | Don't Include: | ||
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed. | * Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed. | ||
* Anything that wasn't reasonably knowable at the time of the event. | * Anything that wasn't reasonably knowable at the time of the event. | ||
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!Description | !Description | ||
|- | |- | ||
|May 6th, 2021 | |May 6th, 2021 | ||
| | |Main Event | ||
| | |Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. | ||
|- | |- | ||
| | | | ||
| Line 62: | Line 58: | ||
| | | | ||
|} | |} | ||
== Technical Details == | |||
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited? | |||
== Total Amount Lost == | == Total Amount Lost == | ||
The total amount lost | The total amount lost has been estimated at $3,000 USD. | ||
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie? | How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie? | ||
| Line 75: | Line 74: | ||
== Total Amount Recovered == | == Total Amount Recovered == | ||
There do not appear to have been any funds recovered in this case. | |||
What funds were recovered? What funds were reimbursed for those affected users? | What funds were recovered? What funds were reimbursed for those affected users? | ||
| Line 81: | Line 80: | ||
== Ongoing Developments == | == Ongoing Developments == | ||
What parts of this case are still remaining to be concluded? | What parts of this case are still remaining to be concluded? | ||
== General Prevention Policies == | |||
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. | |||
== Individual Prevention Policies == | |||
{{Prevention:Individuals:Placeholder}} | |||
{{Prevention:Individuals:End}} | |||
== Platform Prevention Policies == | |||
{{Prevention:Platforms:Placeholder}} | |||
{{Prevention:Platforms:End}} | |||
== Prevention Policies == | == Regulatory Prevention Policies == | ||
{{Prevention:Regulators:Placeholder}} | |||
{{Prevention:Regulators:End}} | |||
== References == | == References == | ||
[https://www.certik.org/ CertiK Blockchain Security Leaderboard] ( | <references><ref name="certik-1251">[https://www.certik.org/ CertiK Blockchain Security Leaderboard] (Jun 1, 2021)</ref> | ||
[https://www.reddit.com/r/CryptoCurrency/comments/nsyucg/warning_rug_pulls_abound_in_polygon_matic/ WARNING: Rug Pulls abound in Polygon (MATIC). : CryptoCurrency] (Jun | <ref name="reddit-1358">[https://www.reddit.com/r/CryptoCurrency/comments/nsyucg/warning_rug_pulls_abound_in_polygon_matic/ WARNING: Rug Pulls abound in Polygon (MATIC). : CryptoCurrency] (Jun 8, 2021)</ref> | ||
[https://dappradar.com/binance-smart-chain/defi/tanabata-finance Tanabata Finance | DappRadar] (Jun | <ref name="dappradar-1359">[https://dappradar.com/binance-smart-chain/defi/tanabata-finance Tanabata Finance | DappRadar] (Jun 8, 2021)</ref> | ||
[https://twitter.com/RugSteemer/status/1401045515421237249 @RugSteemer Twitter] (Jun | <ref name="rugsteemertwitter-1360">[https://twitter.com/RugSteemer/status/1401045515421237249 @RugSteemer Twitter] (Jun 8, 2021)</ref> | ||
[https://www.mccsiwakuni.com/tanabata-%E4%B8%83%E3%82%BF-the-star-festival/ Tanabata 七タ- The Star Festival | MCCS Iwakuni] (Jul | <ref name="mccsiwakuni-1361">[https://www.mccsiwakuni.com/tanabata-%E4%B8%83%E3%82%BF-the-star-festival/ Tanabata 七タ- The Star Festival | MCCS Iwakuni] (Jul 9, 2021)</ref> | ||
[https://bscscan.com/address/0x75e016abe8ed1d1337d24a434bfbc12e7b638e1e Contract Address 0x75e016abe8ed1d1337d24a434bfbc12e7b638e1e | BscScan] (Jul | <ref name="bscscan-1362">[https://bscscan.com/address/0x75e016abe8ed1d1337d24a434bfbc12e7b638e1e Contract Address 0x75e016abe8ed1d1337d24a434bfbc12e7b638e1e | BscScan] (Jul 9, 2021)</ref> | ||
[https://pikbest.com/ui/financial-management-website-tanabata-financial-banner-design_1525957.html Financial management website Tanabata financial banner design | UI PSD Free Download - Pikbest] (Jul | <ref name="pikbest-1363">[https://pikbest.com/ui/financial-management-website-tanabata-financial-banner-design_1525957.html Financial management website Tanabata financial banner design | UI PSD Free Download - Pikbest] (Jul 9, 2021)</ref> | ||
[https://web.archive.org/web/20210604223925/http://taba.finance/ Taba Finance] (Jun | <ref name="tabafinancearchive-1459">[https://web.archive.org/web/20210604223925/http://taba.finance/ Taba Finance] (Jun 20, 2021)</ref> | ||
[https://twitter.com/RugDocIO/status/1401045515421237249 @RugDocIO Twitter] (Jun | <ref name="rugdociotwitter-1460">[https://twitter.com/RugDocIO/status/1401045515421237249 @RugDocIO Twitter] (Jun 20, 2021)</ref> | ||
[https://twitter.com/LTumpling/status/1401293896836173835 @LTumpling Twitter] (Jun | <ref name="ltumplingtwitter-1461">[https://twitter.com/LTumpling/status/1401293896836173835 @LTumpling Twitter] (Jun 20, 2021)</ref> | ||
[https://twitter.com/RugDocIO/status/1402268965729153038 @RugDocIO Twitter] (Jun | <ref name="rugdociotwitter-1462">[https://twitter.com/RugDocIO/status/1402268965729153038 @RugDocIO Twitter] (Jun 20, 2021)</ref></references> | ||
Latest revision as of 17:49, 2 May 2023
Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' and 'General Prevention' sections to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
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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.
This is a global/international case not involving a specific country.[1][2][3][4][5][6][7][8][9][10][11]
About Tanabata Finance
"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."
This is a global/international case not involving a specific country.
The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.
Include:
- Known history of when and how the service was started.
- What problems does the company or service claim to solve?
- What marketing materials were used by the firm or business?
- Audits performed, and excerpts that may have been included.
- Business registration documents shown (fake or legitimate).
- How were people recruited to participate?
- Public warnings and announcements prior to the event.
Don't Include:
- Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
- Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
| Date | Event | Description |
|---|---|---|
| May 6th, 2021 | Main Event | Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
The total amount lost has been estimated at $3,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
General Prevention Policies
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.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ CertiK Blockchain Security Leaderboard (Jun 1, 2021)
- ↑ WARNING: Rug Pulls abound in Polygon (MATIC). : CryptoCurrency (Jun 8, 2021)
- ↑ Tanabata Finance | DappRadar (Jun 8, 2021)
- ↑ @RugSteemer Twitter (Jun 8, 2021)
- ↑ Tanabata 七タ- The Star Festival | MCCS Iwakuni (Jul 9, 2021)
- ↑ Contract Address 0x75e016abe8ed1d1337d24a434bfbc12e7b638e1e | BscScan (Jul 9, 2021)
- ↑ Financial management website Tanabata financial banner design | UI PSD Free Download - Pikbest (Jul 9, 2021)
- ↑ Taba Finance (Jun 20, 2021)
- ↑ @RugDocIO Twitter (Jun 20, 2021)
- ↑ @LTumpling Twitter (Jun 20, 2021)
- ↑ @RugDocIO Twitter (Jun 20, 2021)