Tin Finance Exit Scam

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Tin Finance

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.

This is a global/international case not involving a specific country.

About Tin Finance

"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."

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.

Key Event Timeline - Tin Finance Exit Scam

Date	Event	Description
January 26th, 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 $140,000 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

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.

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.