Bruno Block, pseudoanonymity the Creator of the Oyster, using the vulnerability of the smart contract, resumed ICO project, produced about 3 million tokens PRL and sold them, which led to a drop in prices by 65%.
Oyster CEO William Cordes has published a Medium post, confirming the concerns of the community, stating that the function is called transferDirector smart Oyster Protocol was used to realize a Scam:
“Despite the fact that Oyster has passed three independent audits, Bruno Block, the founder and main developer of the project, told us that the management of token-contract must remain open so peg could be changed with time. This ultimately was the path system to bypass the protection of the contract, which was finally used. This contract was written by Bruno Block to the ICO, when he was the only member of the team. We have relied on the opinion of the auditors, Bruno was the only one who can put the control inside PRL smart contract”
The CEO also noted that “the team worked tirelessly, sometimes without pay”and is aimed at continued work:
“We will not allow the role of Bruno in as a negative character to destroy the project, which devotes itself to the whole team”
Also the CEO of the project assured, “PRL’s assets safe” and, most likely, the team implements the swap contract that will allow owners to exchange tokens in a ratio of 1:1. Given that the stolen $ 300,000 accounted for about 1.5 % of its market capitalization before the incident that, as stated by the head of the project, will not be “the death knell of the project.”
The head of the project also published addresses of the wallet Bruno, to which he brought the money, inviting cryptologist to participate in the investigation, especially in identifying the personality of the founder of the project.
According to the published in August research center, “suddenly” evaporated ICO projects have resulted in losses to investors estimated at $ 100 million.