Technical glitch causes Oyster Pearl to drop by more than 60%

Technical glitch causes Oyster Pearl to drop by more than 60%

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Answer Technical glitch causes Oyster Pearl to drop by more than 60%

This morning witnessed a strange incident for a project in the world of cryptocurrency Oyster Pearl and its symbol (PRL), where a flaw appeared in the smart contract that allows a person to create new cryptocurrencies PRL and sell them directly on cryptocurrency exchanges.

Many of the cryptocurrency community believes that it is an internal and organized work by the staff, where the transferDirector is activated, and this feature can only be activated through the private key owned by the person who created the currency smart contract.

So far, it has not yet been announced whether the developer team owns the private key or a third party has already been dealt with to create the PRL smart contracts.

Read:Bitcoin Drops to $18,000, Altcoins Lose $80 Billion

By exploiting this vulnerability, the person created 4 million new cryptocurrencies (PRL) and transferred them directly to the KuCoin exchange for sale, and this person was able to withdraw approximately $300,000 from the KuCoin platform.

Before the emergence of the glitch, the price of the PRL currency was trading at levels of 23 cents, and the price of the currency fell to levels of 7 cents in a few hours, which represents a loss of more than 60%.

The news started after the Oyster Pearl project announced through their official Twitter account the suspension of trading on the KuCoin platform. However, the team initially stated that there is no error in the smart contract or its programming, and they do not know why this problem occurred.

Read:Report: A technical glitch in the NEO network could cause you to lose your coins

As stated by the staff on their Telegram group, it is impossible to track these new coins in the market, despite the suspension of trading on the coin on the KuCoin platform.

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