Developer and Founder Tanks Oyster Protocol (PRL) Price by Deliberate Dumping
Internal conflict over PRL insider trading and a potential Binance listing led the project developer to exploit the smart contract and dump the coin on the KuCoin exchange.
The Oyster Protocol (PRL) digital asset has experienced a catastrophe - a mix of an exit scam plus self-sabotage - following internal disagreements of the team. PRL crashed by more than 51% on Wednesday, and wiped out more than 85% of its value after massive selling on KuCoin.
PRL now trades around $0.03, after diving from levels of $0.22. PRL was appreciating and even having a short-term rally when the news of smart contract abuse and exchange dumping caused irreparable damage. It turned out the Oyster Protocol founder and developer, going by the moniker “Bruno Block”, had disagreements with the project’s CEO, Bill Cordes.
Bruno explained his actions in a lengthy post. He disliked the way the price pumped on rumors of a Binance listing:
“Then Bill told the group that we got accepted on Binance. That’s when the problems started. The price immediately started pumping from 4c to 26c. I warned Bill against insider trading, he didn’t care. So instead of him and his VC friends dumping on you, I dumped on him.”
Binance has given no indication of a listing, and in general, news of coin listings are kept a secret until the last moment. Still, in the case of PRL, the rumors caused a price pump.
“Bruno” padded out his speech with generally bearish attitudes toward the crypto market as a whole:
“I advise all of you to get out of crypto. Go educate yourselves about what is happening with Tether. The entire crypto sphere is a giant Ponzi scheme. I warned all of you, multiple times, in private and public, and nobody listens. Ethereum is going back to $5, if you want to sell back to a greater fool then you will only find yourself to be that fool.”
Following the sale of thousands of coins, “Bruno” also went public with a refusal to get the asset re-listed on KuCoin.
Despite the fact that the community now sees PRL as a dead token, the founder and developer announced he plans to continue working on the protocol. The Oyster Protocol is an approach to redundant data storage through the IOTA protocol.