A internal conflict brings an end to the Oyster project that pretended create one protocol to data storage in the iota cryptocurrency. In a update published in the project website the Oyster team announced the incident. A member known by the pseudonymous Bruno Block has done a unauthorized withdrawal of US$ 300 thousand.
The incident has initially reported by William Cordes in your Medium account. According the update, Bruno Block has developed the entire smart contract. After the ICO fundraising of ICO the developer has done the withdrawal of the account without inform the rest of the team. Furthermore, this incident demonstrated the vulnerability of the project that concentrated all the technical knowledge in just one person.
The consequences for the act of Bruno Block
For some people it may seem that the episode will pass without a punishment, because the cryptocurrency market still in a regulatory process. However, all the events was recorded public in the blockchain and can be accessed easily. Oyster opened a criminal process to investigate the case and soonly should spread more details about the incident.
Bruno Block posted a message in Telegram where used a fake news to justify your acts. Accusing the crypto market of be a giant Ponzi scheme he demonstrated that haven’t any knowledge about basic economy. To avoid projects that may have incidents like this, it is important follow basic tips of investment in the crypto market. Exists a lot of opportunities in the crypto market for the well informed investors. However, also exists a lot of traps for who are not always up-to-date.