Big news from the crypto world today where there is a possible exit scam performed by someone involved with Oyster PRL. The team has offered an official response saying that the founder installed a backdoor in order to reopen the ICO & create tokens out of thin air. Check out the details below:
At this point, it remains to be seen what the final conclusion will be. At this point, I'm willing to extend some grace to the team to believe that this was a sole bad actor. But I believe there are two lessons we can learn here.
The first lesson is that we need to know the people who are behind the projects we invest in. If a coin has an anonymous founder, then you may want to stay away. If they exit scam, then there is no one who can be held accountable for their actions. Yes, it did work for Satoshi and Bitcoin (so far). But in general, this is a practice I would stay away from.
The second lesson is that the coding of your coin/token matters. We really need the dev community to step up and help us hold these projects accountable for the codes & backdoors they install. Almost all of the coding of crypto projects are public so this is something that needs to happen.
