OYSTER PROTOCOL

DESCRIPTION OF EVENTS

"Goodbye Banner Ads. Hello Oyster. The future of website monetization and distributed storage, built on IOTA Tangle and Ethereum."

"Advertisements have always been a fundamentally weak proposition. They are intrusive, tangential, privacy invasive, and distract from the cleanliness of a website.

Making matters worse, creative content publishers are suffering due to the advent of ad blockers and a general disregard to what advertisements have to offer."

"Website visitors contribute a small portion of their CPU and GPU power to enable users' files to be stored on a decentralized and anonymous ledger.

In return, the website owners get paid indirectly by the storage users and website visitors can enjoy an ad-free browsing experience."

"Earlier today, it was discovered that the transferDirector function was utilized on the Oyster Protocol token contract. This allowed the new director to re-open the ICO for PRL and re-issue new tokens (1 ETH = 5000 PRL / .04 per PRL). The individual in question then sent these tokens (upwards of 3M PRL) to KuCoin where the tokens were market sold. They were able to extract ~$300,000 in funds prior to us being able to shut down trading and withdrawals on KuCoin."

"Despite Oyster passing three separate smart contract audits, we were told by Bruno Block, the original founder and chief architect of the project, that the directorship of the token contract had to remain open so that the peg could be adjusted over time. This ultimately turned out to be a trapdoor mechanism in the contract that was eventually exploited. This contract was written by Bruno Block prior to the ICO, at which point Bruno was the only member of the team. We relied on the auditors involved here for assurance that the smart contract was safe. Bruno was the only one who had the ability to transfer directorship within the PRL smart contract. After our initial review, we are inclined to believe that these were solely the actions of Bruno Block and that he did this now to avoid detection from KuCoin KYC procedures (that will be implemented on November 1st). These KYC procedures would have limited withdrawals on Non-KYC’ed accounts to no more than 2 BTC per day and would have prevented this from happening. This was well-orchestrated and well-executed (at a time when he knew a majority of the KC team would be offline). This also caught the entire team outside of Bruno Block by surprise, as the team collectively holds ~5% of the total supply in personal wallets. The team has been working tirelessly on this since day 1, without pay at some points in time. This project has been built on the back of hard work and raw determination and we will not let Bruno’s role as a bad actor in all of this undermine a project that the entire rest of the team is completely devoted to."

Reaching out to victims of Bruno and Oyster PRL by JasonOPQ in Opacity

It was the day, Bruno started dumping the tokens

Bruno Block exit scammed. In order to continue, the rest of the team created Opacity."

Bruno moving funds. by Halunen in Oyster

"4 months ago /u/itslevi predicted that a cryptocurrency called Oyster was a scam, even getting into an argument with the coins anonymous creator "Bruno Block". Yesterday, his prediction came true when the creator sold off $300,000 of the coin by exploiting a loophole he had left in the contract."

Explore This Case Further On Our Wiki

The Oyster Protocol was a new way to monetize a website without having to use banner ads. The protocol launched and raised funds in 2017. An exploit left in the smart contract by Bruno Block, the protocol's creator, allowed for a large "directorship" transfer within the smart contract. Tokens were subsequently liquidated for $300k via the KuCoin exchange via a non-KYC account. It appears that the Oyster Protocol team has migrated to start working on a new Opacity project with the same mission.

Adverbiet comments on Reaching out to victims of Bruno and Oyster PRL (Feb 28)
Adverbiet comments on What coins that used to be hyped are no longer active or in development? (Feb 28)
Adverbiet comments on Bruno moving funds. (Feb 28)
Adverbiet comments on 4 months ago /u/itslevi predicted that a cryptocurrency called Oyster was a scam, even getting into an argument with the coins anonymous creator "Bruno Block". Yesterday, his prediction came true when the creator so...ract. (Dec 28)
Adverbiet comments on Smart Contract & What is Going on Right Now. (DO NOT BUY OYSTER ANYWHERE) (Dec 28)
https://coinmarketcap.com/currencies/oyster/ (Dec 28)
Oyster Update (Dec 28)
Oyster - The future of website monetization and distributed storage, built on IOTA Tangle and Ethereum. (Dec 28)

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