The Biggest $31M SCAM on Coinlist: Tribal Finance
46Tribal has raised $220M from SoftBank, Coinbase Ventures, CoinList, and more. This is an insane amount of money, and they seem to have not received much attention.
What's happened? Tribal Finance raised $31M (according to Cryptorank) through a CoinList initial coin offering (ICO) in March 2022. The vesting schedule is a one-year lockup, followed by a six to twelve-month linear release. It is currently May 2024, and while the token is live, no investors have received their tokens. According to the original vesting term, Tribal Token should have been released in April 2023. However, on March 30, 2023, Tribal locked all CoinList investor tokens for an additional year from April 2023 to April 2024, citing the bear market of 2023 as the reason.
As a result, no one has been able to get the tokens until now. The additional lockup, which was not originally agreed upon, has pushed the release date to April 9, 2024. Despite repeated requests for updates, Tribal Finance only announced further delays on April 9 and asked investors to wait for updates on April 30, 2024. As of May 8, the company has not issued any official response to investor inquiries.
Investors have been waiting for two years since the postponement of the token distribution, but there has been no news from Tribal. Many investors have contacted CoinList inquiring about the possibility of getting their investment back, but there has been no solution from CoinList thus far. While the team is doxxed, there is currently no recourse for investors. Please share this information to raise awareness of the issue.
Thanks @Foxi_xyz for the sources of content.
#tribalfinance #coinlist #coinbase #cbventures
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