Coinlist is a cryptocurrency exchange popular because of its token presales. Two years ago, Coinlist organized a token presale for a project called Tribal Crypto.
It has been discovered that the project is a scam, and investors who bought tokens through Coinlist will not receive them. If you bought some $TRIBL tokens on KUCOIN then you should sell them as soon as possible. The dumb has already begun.
Token Presales On Coinlist
Coinlist is very popular for its token presales. This was the main reason why I and many others decided to sign up for Coinlist. They also started with some decent projects on their platform.
In March 2022, Coinlist announced a token presale for Tribal Crypto, offering two options for the public token sale. Both options had a 1 year lockup while sale option 1 had a linear token release of six months and sale option 2 had a linear token release of twelve months.
The token presale on Coinlist had been very successful. Coinlist announced that 42,000 unique new token holders had been added to Tribal Finance with a volume of $18M in $TRIBL tokens. They also said that the team is already looking forward to distributing the tokens to the community after one year.
One year later when the distribution of the presale tokens was about to start, Tribal Token and Coinlist announced that
"they will be extending the lockup of their token from this spring to April 9, 2024. Private sale investors, team members, and advisors of the Tribal team have also volunteered to extend their lockup. Additionally, the release schedule has been modified from a cliff distribution model to linear vesting. Option 1 participants will receive their tokens over a 6-month period, and Option 2 will receive their tokens over a 12-month period."
In other words, they let their investors wait for another year but the odd thing is that they actually released their token but just not on Coinlist. They launched their token on while at the same time letting their investors from Coinlist wait another year. This had already been odd and highly suspicious.
TRIBAL Crypto turns out to be a Scam
Today, three days before the long-awaited token release to those investors from the Coinlist presale they made this announcement via Email and social channels:
"Dear Friends of the Tribal Ecosystem, In light of the necessity for regulatory compliance, the token release scheduled for April 9, 2024 will not occur at that time and might not occur at all. To the extent that there are further developments relating to the token program, any such updates will be provided on or around April 30, 2024."
I wonder why there have been no issues with but with Coinlist. It's worth noting that investors on Coinlist may receive nothing according to their announcement. I am sure that no one who participated in the TRIBAL token presale on Coinlist will ever receive their tokens.
My Final Conclusion
Coinlist is a regulated exchange in the USA. Coinlist should compensate their investors for promoting this scam on their platform. These losses were not due to market risks but rather scams and fraud. Let's wait and see how Coinlist handles the situation.
One thing is for sure - I will never use Coinlist again for whatever until the Tribal Issue is solved. For future token presales I will stick to those on
If, for some reason, you haven't registered on yet to participate in legit token presales, feel free to use my referral link with the invitation code E3PGAJCE to sign up. Using it can save on trading fees for every BINANCE trade, creating a win-win situation for both of us.
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