once Again a suspected Exit Scam is scratching at the already sufficiently battered Image of the Initial Coin Offerings. This time it is the founder of the IOTA-based Oyster Protocol that has the confidence of the investors miss.

Initial Coin Offerings provide companies with an excellent possibility to in a relatively straightforward way of funds of investors to collect. As the recent years have shown, it can be the car, the financing vehicle but also to escape, when a driver with malicious intent at the wheel. Apparently, the founder of the IOTA-based project “Oyster Protocol” to the many black sheep that graze on the ICO Heath. Or browsed. Under the Pseudonym “Bruno Block” operating founder and Ex-Director is, in fact, disappeared without a trace.

On the 29. October proclaimed Oyster Protocol via a Tweet that the trade with the project’s own PRL-Token has been exposed to the crypto-exchange KuCoin until Further notice.

investors responded accordingly irritated, and demanded more information about the Status of your deposits. Then the Oyster Team, explained the incident. Accordingly, the transfer function Director was executed in the Smart Contract of the Oyster-Protocol. As a result, the 2017 completed ICO could be re-opened. In this context, over three million new PRL were printed Token and sold on KuCoin a rate of 0.04 ETH per PRL. So the attacker was able to remove about $ 300,000 from the Oyster project.

Bruno Block: renegade Oyster-founder

After the Oyster Team has undergone the PRL-Smart-Contract, according to three independent investigations, and no Bug could be found, remained only a possibility: the founder of The project himself has the Funds deducted.

“Bruno Block, the founder and chief architect of the project, was the Only one who had the opportunity to transfer to the Director’s role in the framework of the PRL-Smart-Contract. After our first Review, we are inclined to believe that these were only the actions of Bruno Block, and that he has done this now, the unmasking by KuCoin KYC procedures (the on 1. To avoid November to be implemented).“

Apparently, the renegade founder of the project has tried to focus suspicion on the Team. For this, he gave 100 ETH in a Dual Signature Wallet with the Oyster project. The Team said on Twitter not to be accomplices of Bruno Block.

“Bruno has just made a strange transaction, to try and get the people more of his scent. See Tweet below for the Link. This 100-ETH-Deposit of Bruno in the Dual-Sig Wallet is a further deception, to give the impression that the Team was involved in all of this.“

But not every PRL-Hodler his innocence buys the Team.

“stop with this bad acting.”

Funds: Safu?

In bold letters is the current Oyster-CEO William Cordes emphasized that the investors ‘ money was safe. You are going to check the possibilities of a refund of the Funds could make. The most likely Alternative, a Contract Swaps. The 98,5 million PRL Token to be exchanged at a ratio of 1:1 against PEARL-Token:

“All of the 98.5 million in PRL prior to the breach of contract to be replaced at a ratio of 1:1 to PEARL (or something in that direction).”

It will probably be more “something” – the Ticker-the Name PEARL is already claimed by the artist Casey Pearl.

That anonymity is a blessing and a curse at the same time, proves the final appeal of CEO Cordes. He asks for help in uncovering the true identity of his predecessor, Bruno Block – the man with whom he has worked for ten months.

“If you have information about who might be Bruno or where these funds could be invested, please contact us by E-Mail to discuss further details.”

The Oyster Protocol should, however, continue to exist. Whether investor confidence can be restored, however, is more than questionable.

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