The Rise and Fall of Amir “Bruno Block” Elmaani
Once upon a blockchain, a 31-year-old named Amir Elmaani, also known by the alias “Bruno Block,” thought he could outsmart the system, with a sprinkle of cryptocurrency magic. Spoiler alert: things didn’t quite work out. Elmaani, the now-infamous founder of the failed Oyster Protocol, was sentenced to four years in prison for his colorful escapade in tax evasion.
The Shady Underbelly of Oyster Protocol
In a rollercoaster ride full of deception, Elmaani lured in investors between September and October 2017 with promises about a shiny cryptocurrency named Pearl (PRL). He marketed it as a means for investors to purchase data on a snazzy blockchain-based storage platform. Little did they know, while they were dreaming big, Elmaani was minting new PRL tokens under the radar — a classic case of “look over here while I pick your pocket.”
On October 29, 2018, he quietly reopened the smart contract to mint a fresh batch of tokens and dumped them on the market, pocketing millions. Who needs transparency when you’re minting money, right?
The Tax Evasion Cloak
In a plot twist worthy of a heist film, Elmaani filed tax returns that would have made his IRS agents chuckle — he claimed to have made a mere $15,000 in 2017 from a patent design business, and nothing at all in 2018. Meanwhile, he was swimming in profits from his crypto dealings, causing tax losses of over $5.5 million. Just imagine his confidence while living lavishly, accumulating multiple yachts and homes as if he were a character in a TV drama.
The Lavish Spending Spree
Elmaani splurged like there was no tomorrow. The court documents revealed he spent over $10 million in 2018 alone: $1.6 million at a carbon-fiber composite company, home improvements worth hundreds of thousands, and around $700,000 on real estate — all while the taxman thought he was dirt poor, claiming to have no income. It’s an art form, really. And let’s not forget the gold bars hidden in safes onboard his yachts, making his getaway plan look like something out of a Bond movie.
The Verdict is In – And it’s Not Pretty
The chickens have come home to roost. After pleading guilty, Elmaani was sentenced not just to four years behind bars but also one year of supervised release. In a twist that might make you laugh as much as it makes you cry, the court ordered him to pay back the $5.5 million he sought to evade. It’s almost poetic justice for the cryptocurrency entrepreneur who thought he could float to freedom on a digital wave. So, next time you’re tempted to dabble in crypto, remember: the IRS has a long arm, and they don’t take kindly to attempts at outsmarting them.
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