Oyster Protocol at the center of scandal
Unfortunately, not every digital project has an impeccable reputation. Individual companies now and then get into the news, as persons involved in criminal proceedings. One of these has now become the Oyster Protocol project, which has not existed recently, but at the same time it is still becoming the reason for the prosecution of its own founders. The main persons of the now non-working project are suspected of tax evasion for huge sums. The precedent is really serious, and therefore this event should be discussed in all details. So let’s get started.
More about the project
First of all, you need to delve into the essence and concept of the project. At the moment, as noted above, the company is not working. However, it is simply impossible to understand the essence of litigation without understanding the main company. That is why we should remind all our readers that Oyster Protocol is a fairly well-known company in its time. The company worked in various fields of activity, but the main direction of work was operations with user data. Basically, the Protocol provided functionality for placing digital assets during turbulent times. Are there any concerns that your accounts will be blocked? Transfer money to Oyster Protocol!
It was in this vein that the company worked, and it was this concept of work that attracted a huge audience to the enterprise. At the peak of its popularity, the project served about a million transactions daily. It is important to clarify: not users, but transactions. Nevertheless, the indicators are still not small. The company actively continued its own work until the final, which took place in the second half of 2018. And, at first glance, we are faced with an ordinary project that failed to withstand the competition of the market and went into oblivion. But at the moment, a trial is underway.
US law enforcement officials are pressing serious charges against the creator of the project. How significant are the published articles? And why is the reopening of the Oyster Protocol investigation so much more important than it seems? Let’s figure it out.
What does Protocol face?
The charges were made only against the creator of the project. The head of the company and the ideological mastermind of the enterprise, Amir Bruno Elmania, is suspected of carrying out illegal transactions with clients’ funds. In fact, the entrepreneur arranged a successful financial pyramid that enriched him and his associates by considerable sums. Note that Bruno Elmania tried to hide his own criminal intentions by posing as another person and hiding his real name from business partners. However, at the moment, the identity and criminal schemes of the fraudster have been revealed.
In the course of the illegal activities, the classic Ponzi pyramid scheme was used, which was built on deceiving new investors. The entrepreneur paid interest to new investors, using the investments of old partners. Thus, when Elmania sold his own savings and crashed the asset’s value, the financial bubble burst. As a result, the partners of the project suffered massive financial losses. Also, illegal tax activities were noticed behind the leader of the company. The head of the company did not draw up tax returns or entered fictitious figures into the documents. At the moment, the proceedings are underway. Law enforcers will find the fraudster and bring him to justice.
What can be summed up, having dealt with all of the above? Obviously, it should be remembered that justice is inexorable and will still overtake everyone who tried to cash in on ordinary users. That is why we advise you to carefully choose your partners and not try to avoid paying taxes. You should also follow the latest news from the crypto industry. Current events from the world of Blockchain and technology are always highlighted in our news feed. Follow the news with us. Thanks for attention. Good luck!