The Biggest $31M SCAM on Coinlist: Tribal Finance

Tribal 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.

Update from Coinlist - May 15:
"Dear Tribal Token Purchasers,

In March 2022 CoinList provided services on behalf of Tribal in relation to the launch of their token, TRIBL. The original terms required Tribal to deliver their tokens to purchasers on or around 9 April 2023. Tribal announced that they would not deliver the TRIBL token to users on that date, but would instead delay delivery (9 April 2024).

In April 2024, CoinList became aware via Tribal’s official Twitter account that Tribal had once again unilaterally decided to delay the delivery of the TRIBL token, with further updates to be provided by April 30th, 2024. Tribal has since failed to communicate to users regarding the delivery of their token.

Additionally, Tribal requested that CoinList, as a supporter of Tribal, agree in writing to an additional delayed delivery period. CoinList did not agree to that delay, and will instead review potential legal remedies that may be available under the circumstances.

Please be advised that CoinList is not in control of the delivery of TRIBL tokens, and is disappointed in both the lack of action by Tribal and their inability to adequately address users’ concerns.

CoinList will be providing updates as more information becomes available.

Best regards,
CoinList"

Thanks @Foxi_xyz for the sources of content.

#tribalfinance #coinlist #coinbase #cbventures
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