Oyster Protocol founder, Amir Bruno Elmaani, known as “Bruno Block,” has been sentenced to four years for tax evasion of over $5.5 million. Learn how his deceptive actions affected investors and the cryptocurrency market.
Amir Bruno Elmaani, widely recognized as “Bruno Block” and the brains behind the Oyster Protocol, has been handed a four-year prison sentence for tax evasion, totaling more than $5.5 million.
This verdict, announced by Damian Williams, the United States Attorney for the Southern District of New York, highlights the gravity of Elmaani’s actions. He was convicted for a series of deceptive practices surrounding the cryptocurrency “Oyster Pearl.” Operating under the pseudonym “Bruno Block,” he promoted Pearl tokens, initially claiming they were meant for the Oyster Protocol’s online data-storage platform.
Elmaani conducted an initial coin offering (ICO) and controlled Oyster Protocol Inc. through a shell company, all while keeping his true identity concealed. His actions led to substantial financial gain but eventually led to his downfall due to tax evasion.
His tax evasion scheme was further exposed by extravagant spending, despite a false 2017 tax return. Elmaani’s actions not only damaged investor trust but emphasized the necessity of regulatory oversight in the cryptocurrency market.