The Founder of PRL Has Stolen $300,000
The founder and leading developer at Oyster Pearl, Bruno Block, made a transaction that allowed him to sell $300,000 worth of PRLs on the KuCoin platform. It seems he had taken advantage of a hack in the smart contract that allowed him to relaunch the ICO.
How It Went Down
PRL’s smart contract went through 3 different inspections initially; however, Oyster Pearl’s Chief Executive Officer, William Cordes, was informed by Bruno Block that the smart contract directorship needs to stay open for the limit and would be modified as time passed.
That means that the directLock was a fake, which provides the director the permission to do anything they want at any time they want. So, Bruno used this glitch to relaunch the ICO and actually started issuing new tokens. He bought with a rate of 5000 PRL for just one ETH. Then he transferred his new tokens, worth more than 3 million PRL, to the exchange platform Kucoin and started selling them. He continued to do this up until the team at Oyster Pearl discovered what was happening and demanded all trading activities to be shut down on the platform. It seems Bruno’s plan was to dodge the new KYC procedures that are set to be implemented on Kucoin on 1 November. An interesting aspect is that no one knows who Bruno Block really is.
Cordes has expressed that the company will be working hard to obtain any potential information on Bruno’s real identity. He said that despite the fact that they have worked together for the past ten months, he has preferred to stay anonymous.
Cordes has further noted that Oyster Pearl’s team will work on remedying what just happened. He also shared plans to enact a swapping for the contracts within the block before the one that was breached and that will assure that 98.5 million PRLs will be transferred to a new token named PEARL.
A Response from Bruno Block
Bruno maintained his position about what happened and started accusing the Chief Financial Officer, Bill Cordes, of illegal insider dealings and also of not granting him the developers that he constantly demanded. Bruno continued on by providing a warning in regards to an international financial crisis while stating how cryptos are actually a major Ponzi.
He said he will resume working on the project with Oyster Pearl, stating that he wants to see the token accessible through multiple exchanges once they finish working on the protocol. He further stated that he might just reveal his true identity in the next few days.
The protocol for Oyster Pearl makes use of IOTA Tangle for its functions to provide decentralization and to be a completely anonymous storage network. Prices for PRL have decreased to $0.02 and it is currently being traded for $0.035. Trading has stopped on many of the available exchanges, which include Kucoin, a platform that controls 90% of its trading volume.