Beer Garden Finance Exit Scam

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Beer Garden Finance

Beer Garden Finance offered a supposed community governance and yield farming token that rewarded staking.

The anonymous team disappeared with all funds.

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

About Beer Garden Finance

"BeerGarden is a new exciting experimental Defi project. All contracts will be verify on BSC.

BeerGarden project is created on BSC network - one of the leading Blockchain platforms. At this stage BeerGarden is in beta experimental phase and BeerGarden protocol is based on BEP20 token Beer"

"Yield Farming in the Binance smart chain BSC." "Beer Token (BEER) aim to produce a platform that will help grow small businesses around the globe as well as enable users to become more financially free and have fun while doing so because saving money on drinks means more financial freedom to spend money on the necessary things in life."

"Beer is a community governance token for staking rewards. Beer reward pool will be reduced by half every 7 days from the beginning of each pool."

"The pandemic has crippled the hospitality industry and people are eager to get out have a good time, while still gaining momentum towards financial freedom and comfort."

"With Beer Token every party, consumer or business that participates profits from each transaction made by every other Beer Token user making it mutually beneficial to support for everyone involved. Beer Token's tokenomics benefit the entire community by means of non-custodial auto-staking & redistribution incentives, all which are geared toward compound interest for both businesses & consumers."

"Beer Garden Finance: Founder holds over 50% of the token supply in his personal wallet. When our community asked for more details such as a github link for the project, or timelocks for the tokens they were banned from the Telegram group."

"There are reports that the Beer Garden team has deleted the website and social media accounts. Please exercise caution when interacting with this address."

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 - Beer Garden Finance Exit Scam

Date	Event	Description
October 10th, 2020	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 is unknown.

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

In general, funds should be stored in offline multi-signature storage by known entities. The system should be prepared for the full loss of any funds stored in smart contract hot wallets.

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.