Burn Vault Finance Exit Scam

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Burn Vault Finance

Burn Vault was a deflationary staking token which disappeared with investor's funds.

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

About Burn Vault Finance

"BVF coin is a digital currency issued at 2020-10-05 based on the Ethereum ERC-20 standard. The total supply is 13,000 pieces, and the block height at the time of issuance is: 10994722."

"A deflationary protocol that allows holders to stake their tokens inside a Burn Vault, which triggers a vault smart contract to burn a certain amount of tokens in the circulating supply."

"Amazing Project is $BVF already trending 2nd Place on Dextool after $CORE" "Jumped into $BVF (Burn Vault Finance) at $35. Good momentum but high risk so be careful." "Maybe a rug pull. But I see it as lottery ticket. Token dynamics too good." "I'm gonna try to ape cautiously if that's possible."

"Burn Vault Finance ($BVF)" "Allegedly rug pulled. Their Telegram and social media no longer exist." "Damn, looks like $BVF is a rug pull. High risk for possible high rewards, you're going to get these unfortunately."

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 - Burn Vault Finance Exit Scam

Date	Event	Description
October 5th, 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 has been estimated at $455,000 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?

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.