Oyster Protocol founder jailed for 4 years for $5m tax evasion

<img width="250" height="139" src="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240-250×139.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240-250×139.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240-700×389.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240-768×427.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240-120×67.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240-245×136.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240-500×278.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP-Oyster-Protocol-founder-jailed-for-4-years-5432091690-iStock-1432744240.jpg 1373w" sizes="(max-width: 250px) 100vw, 250px" /><p>US District Attorney Damian William noted:</p>
<blockquote><p>Amir Elmaani violated the duty he owed to pay taxes on millions of dollars of cryptocurrency profits, and he also violated the trust of investors in the cryptocurrency he founded.</p></blockquote>
<p>In October 2017, Elmaani promoted a cryptocurrency called Pearl, with marketing campaigns geared toward investors looking to purchase data on a blockchain-based data storage platform, Oyster Protocol. However, the trial revealed that, in October 2017, Elmaani formed and released Pearl tokens into the market for personal gain, thus receiving money and investment from clients, which he then stashed in a secret fund.</p>
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<p>Elmaani admitted guilt in his plea statement:</p>
<blockquote><p>On or about October 29, 2018, I used the smart contract to mint new PRL, without telling anyone, including others who worked on the Oyster Protocol project. I then sold these newly minted PRL on a digital trading platform.</p></blockquote>
<p>In a follow-up statement the United States DoJ urged crypto founders to consider the consequences of their fraudulent actions.</p>
<blockquote><p>Participants in the cryptocurrency markets must play by the rules, and this Office will be tireless in prosecuting those who do not.</p></blockquote>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/cryptocurrency/scam/oyster-protocol-founder-jailed-for-4-years-for-5m-tax-evasion/">Oyster Protocol founder jailed for 4 years for $5m tax evasion</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>