TinyPNG's compression is lossy. According to XnView (
Image →
Count colors used),
example-orig.png has 14'983 unique colors, while
example-shrunk.png has only 236. Inspecting these examples with
TweakPNG shows that the color depth has been reduced from truecolor + alpha channel to indexed + alpha channel. So-called “
ancillary chunks” (e.g. metadata) have also been removed.
Because I use
Pngyu/
PNGoo (for lossy color reduction) and
PngOptimizer (for lossless compression), I put buttons to these programs on XnView's toolbar.

- https://www.tinypng.com/images/example-orig.png
- example-orig.png (55.57 KiB) Viewed 25745 times

- https://www.tinypng.com/images/example-shrunk.png
- example-shrunk.png (15.03 KiB) Viewed 25745 times

- example-orig.png compressed with PngOptimizer
- png-optimizer.png (50.4 KiB) Viewed 25745 times

- example-orig.png compressed with Pngyu (256 colors)
- pngynu.png (16.3 KiB) Viewed 25745 times

- example-orig.png compressed with Pngyu (256 colors) and PngOptimizer
- pngynu+png-optimizer.png (14.93 KiB) Viewed 25745 times