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Yet another scam of the world crypto oyster is a scam ... the dev sold for $ 300,000 of Prl and ran away with the money ...

That's a big problem if it's true mate, and I hope there's a proof or link for this scam statement raised here. As far I know this project has been doing well last year and yet my friend who hold this type of coins sold at around $19K last year at cryptopia. I just hope that this news wouldn't be true and the dev won't ran out the money, because many people still trust the platform of this crypto.

Where is the proof of this? if this is true then who to believe in the space, for I know a firend that is very bullish on the project by now he would be devastated investing long in the project because he made the mistake of not taking profit when the price went to $1 ans since has been expecting the price to bounce back but nothing  yet

The boss has sold three million tokens .... he has always maintained anonymity .... why ??? because the project was just a scam ..... he escaped with $ 300,000

You must visit PRL smartcontract and that's enough to be considered as a very strong evidence if PRL just like another scam project. They didn't even disable the code that used to open the crowdsale. What a joke and the developers look so amateur. these guys are even doin nothing.

https://coinmarketcap.com/currencies/oyster/#markets

24-hour change = minus 60%

warned https://www.coingecko.com/en/coins/oyster dont do anything with this coin

It has not been proven that it is a scam.All we know is that there was a big in the smart contract and it was exploited.The team has put out a blog explaining it.

I really hope that this news is not true. all the same, I invested in it a certain amount of money in the hope of profit. I would not want to part with this money

The rest of the team is trying to make things better, but it'll take a hell lot of work.

A tweet that illustrates what the founder (main/anonymous developer) exactly did:

https://i.imgur.com/vbcvtfj.png

Huh...

Now would be a great time to ditch that godawful brand/image/name/logo and rebrand to something sexier.

All projects that need money are normal. In the end, we need workers and money for project development.

It seems that this is not fraud as you mentioned, they are still there and running as usual, oysters only have a price reduction of up to 24%, the statement on this blog might be clearer for you to see https://oysterprotocol.com/oyster-update/

it is still has $4.5M+ marketcap which is not so bad. Hence I doubt it is scam. Maybe their smart contract has been hacked or something like that. Maybe someone from dev team has tried to steal all the coins. Idk but I don't believe it is scam for now

One of its developers had backdoored and using up the contract to snipped out PRL without getting the KYC restrictions on Kucoin.His name is Bruno as far as I remembered.
Its either this incident is fully the truth thing or just an another assuming hacking incident with some mix of inside job.Who knows the possibilities?

Yes it clearly says that it's an inside job by the creator himself. Too bad he didn't do it when the PRL was at its peak price. If then happened it will go haywire and turned back millions of $. I wonder what does he thinking.

The price was pumped in the last month of 400% .... to sell the 3 million token at a good price ... Bruno can not have done everything by himself ..... it's a scam organized by more ' people


In my opinion the whole team is involved ..... but they put the blame on the anonymous Bruno

I warned about this yersterday...  https://bitcointalk.org/index.php?topic=5059615.0
it seems an inside job..

makes me remember the great and honest Michael Stollaire from Titanium... when suddenly "someone" stole half of the supply and sold BAR at market price.. from 3,81$ to 0,000000000$ in no time. hope he is rotting in jail

Let's wait for tomorrow and official announcement from PRL team or announcements from top exchanges... I guess PRL is not a scam.

Completely baffles me how they could have overlooked that mint function despite having their smart contract audited thrice. Either the companies that audited the contract are grossly incompetent or there's a collusion somewhere.
Don't know which is more terrifying.

They were revealed to be a complete scam months ago when they dumped on the market: https://bitcointalk.org/index.php?topic=3243495.0

Why would anyone still be invested in this obvious scam? You either haven't been paying attention to the news about what your are holding, which is stupid, or you did pay attention and you chose to ignore it, which is even more stupid. If you can't keep track of what's happening with the all the coins you own, then you own too many coins. If you ignore all negative news as "FUD" then you are overly emotional with your coins and you probably shouldn't be in crypto at all. You need to be able to weigh up all the information and news, good or bad, and make an informed decision. They scammed before, so why wouldn't they scam again? You either didn't know or didn't care. Either way, that's the wrong mindset to be in crypto.

Worth pointing out that Substratum has the same vulnerability in its smart contract. They can create a ton more SUB out of thin air any time they want and dump it on the market. They also still have access to supposedly "burned" coins - they never burned them at all, just transferred them to another wallet which they promise they won't use: https://etherscan.io/address/0xd41d37f9865cc121f71957e6eafb09cbdc98d6c3#tokentxns

I saw yesterday that PRL was deleted on the idex market, maybe everything will be fine. Let's just wait how later the dev performance if PRL is really just a smart contract is corrupted.I hope everything is fine

Are you sure about it? Because Oyster PRL seemed a good project with higher ambition. If it really scams then investors should take action against the admin and CEO of Oyster. I am not sure but maybe I saw their office address on their website!

Stealing this from here (https://howtobuyaltcoinsonline.com/token/oyster/). But...

From their official response here : https://medium.com/oysterprotocol/oyster-update-b813390ce10e

Or more so this quote :


It's clear they actually knew that the minting function existed, but were told by "Bruno" that it was necessary to keep it there. So essentially three times, they were probably told that this minting function was dangerous but were told by the architect to keep it (Who then stole 300k USD worth of tokens).

Thanks god I didn't buy prl token last week... I saw problems with PRL on idex, they announced to delist PRL or stop trading for a while, but I didn't know real reason for it.
Now it is clear for me.

Working all these months with an anonymous founder is bad enough. However, it still doesn't explain the motives behind someone wanting to sabotage their own project when the evidence can easily be traced back to them.

is there any evidence, if it's not there and you just say it unilaterally then that hasn't been proven.
in my opinion if indeed that happens then it is very unfortunate because the PRL coin has been released long enough and cooperated with one of the big coins.

I am really surprise on the pump of PRL at coinmarketcap when it reaches +1,609.62% as I type in this message. I immediately check those links at coinmarketcap and confirmed the issue. Coinsuper also decided to immediately suspend deposits, withdrawals and trading for PRL to minimize the scam. I agree with your statement, the whole team is involved to this or maybe only part of them and using "Bruno" to hide their shady business. This altcoin is doom and will surely be dumped hard by their investors and holders. Trust is cryptocurrency is the real deal and this type of drama is nothing new when scamming their investors.

Heard the team token unlock was just round the corner. It's quite possible that Bruno could have acted alone by psyching the team into organizing a few pump operations ahead of the unlocks for them to sell at good rates. Leveraging other people's greed to your own cause is the oldest con in the book

Another scam case. Moreover, PRL had invested greatly. This kind of nonsense is pushing people away from this technology. Working with independent supervisory firms has become imperative.

There is no pump. The remaining team members behind Oyster Pearl are planning to do a 1:1 token swap to a new token to mitigate the damage done by the malicious smart contract and dumping of $300,000 on the market. The original token has been delisted from every exchange pending this swap happening in the next few days. There is zero volume, and so the price you are seeing on coinmarketcap is completely artificial.

This seems like a good opportunity to remind everyone that Substratum (SUB) can perform the same scam any time they like: https://bitcointalk.org/index.php?topic=5060609

Whether it was an elaborate scam or an vulnerability this project is seriously crap. Great for any early investors who got in early and dumped on a high but with the recent news this should be avoided. Pick another investment, a safer one in the top 30 of CMC

It's Sad for oyster Prl community that this thing happened, the Annonymous who take the money is the reason behind this, lesson learned don't trust an anonymous guy on cryptocurrency because there is a chance that someday they will run for the money

Yes, after such an incident, it's hard not to call such a project as PRL SCAM. There is no forgiveness for this team, because thousands of people invested in the project and lost money. They must be held criminally liable and reimburse all those who have suffered.

At this point in time, the question is no longer about forgiveness, but the incompetence of any member of their team to demonstrate any knowledge of just how damaging this vulnerability is, considering the fact that they were working with a faceless CEO.
It also shows that smart contract and disintermediation is just hype because someone will always own the key to unlock it all. The blockchain is just as centralized as the centralization we like throwing stones at

so, this is why PRL price was down harder,,

full explanations about this conditions of PRL now is on this article
https://medium.com/@bill_26126/oyster-update-b813390ce10e

and this is anothers bad news in crypto industry,
because, as i know so many people believe and interested with PRL,, but what happend with PRL now,,

Token swap, but that doesn't answer the question of what's going to happen to its potentials, ecosystem, and trust issues especially in light of less vulnerable competitors out there. Short of them announcing a partnership with Amazon, can't see them dispelling this within a year

well
just how ?
i mean , since this cases,
how amazon will accept it
what amazon expecting from PRL like now,

I hope its not a scam project as its valuation is around $43mln at the moment and if the thing you said is true and the developers are looking to abandon the project then it's going to hurt a lot of people.

I followed their social media accounts and even on the coinmarketcap it is mentioned that it was an exploitation of code so I hope it just stays like that and team does everything to cover that up.

Oyster (PRL) is exist scam it's already clear if you research some point details in this article https://cryptoticker.io/oyster-pearl-founder-exit-scam/

PRL CEO printing million of coins and instantly selling in big exchange OMG!  

And this is the transaction:
https://etherscan.io/tx/0x2321e305c20f45429f11045b9235e9bbd66b17bacede173ca86144ac5533d3bf

Edit: Important Update
https://medium.com/@bill_26126/oyster-update-b813390ce10e

It's true but that doesn't mean they scammed investors. What they he did was that he cheated. It's like he created more tokens for himself and sold into the market quietly but for the project, it still lives on. These are some of the reasons why crypto is being found difficult to go mainstream. Some of us are just "savages"

i think it was not a scam.. if your smart enough to secure your investment last ath of this coin was @ 4$ i think, you should have sold it at that price

Dude did you even read the statments above? What do you mean not a scam? It is! There are proofs and this was old. If you had this before and sold at ATH well you are lucky enough but if you are saying that it is not a scam because you have it bro you are doomed.

If this project is a scam then why until now they are still in crypto market list which is one of the trusted crypto guiding site? Maybe we should wait for more update before jumping into some conclusions as i believe that they have just some isolated issues that need a long term adjustments but hopefully this will not ended as a scam too that they are just affected by the bearish market.
https://coinmarketcap.com/currencies/oyster/#markets

Its been a while and this post has been revived again. Yes Pearl is a good project but too many allegiations has been flagged with them. I guess some are true and some are just false statement. The reason why there are still trading happened cause it has traders and investors still. Coinmarketcap will be alerted if something fishy is going on, I know the team of Pearl wouldnt waste the time to scam people for a well established project.

Yes oyster pearl went to scam, cant even find the coin on coinmarket cap. Im still lucky that i sold my tokens when the hype is ongoing and did not hodl it for a long time.

PRL already escaped since 2018 the only good thing is that I already sell mine when hype but I just sell it because already get a huge profit but I don't think they are scam at that time well, now that they are scam I am relieved that I cash out.

There was on exchange anymore attached in the link you posted.
AFAIR, it was traded in Kucoin before and price has really skyrocketed during the last bull run, lucky for those people who were able to sold their tokens.

We should not be greedy, I have some friends who regretted why they did not sold their PRL tokens last bull run, now they are losing confidence that it will still recover. HODL is sometimes bad, it's only good for the king which is BTC.

Hopefully someone can give some light regarding the update of this project.