The Creator of the Oyster Protocol ran off with the money. The coin fell to 52 percent
Source:Oyster Protocol is a hybrid platform for smart contracts, developed on the basis of Ethereum blockchains and IOTA. Oyster allows creators of web sites to profit with traffic. Instead of traditional advertising, the site owner gets coins PRL for what the visitors give a part of computing resources of their PCs. December tokens PRL traded on Kucoin.
theno Money, but you hold
Yesterday, the CEO of Oyster William Cordes stated that the project had a very unpleasant incident. The main Creator of Oyster — a Bruno Unit — used function in a smart Oyster contract and issued 3 million coins, which were immediately sold on Kucoin. All he succeeded in «earn» about $ 300,000.
And although the Oyster went through three audit smart contract, Bruno Block assured us that the management of the smart contract should remain open so that developers could make changes with time. It turned out to be a trap, because we relied only on a code audit.
It Turns out that the contract Oyster Protocol was written by the Unit before the ICO project. Within the code the programmer left a backdoor that allowed him to release a sufficient number of coins for sale. The operation for the withdrawal of coins on the exchange were planned in advance and carried out before the start of November. Recall from the first day on Kucoin come into force the new KYC rules that limit the withdrawal for unverified accounts to 2 BTC.
Other developers, too, remained practically without money — Unit stole the biggest part of programmers. In the official reference of administration to users of the Oyster CEO William Cordes apologized to the holders PRL for this sad outcome.
image Source — Oyster
The Course of the coin reacted instantly.
Source: CoinMarketCap
The Team says the Oyster cryptoendoliths that «tries to resolve the situation». Unfortunately, it is unlikely they are so difficult job. PRL reputation is now tarnished, and the coin has lost more than half its value in a matter of hours.
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