Update: Added Bitsharescan.com link, leak information and updated title.

The dev team of cryptocurrency project, Bulwark, has dealt a heavy blow to the masternode community and the entire crypto course by announcing that they are pulling out of the project. Crypto marketer, enthusiast and Bulwark Advisor, Brian Colwell made this revelation on Twitter, advising investors to pull out their funds from the project before things go south. It appears the team wanted to make the announcement together, however Colwell pulled the trigger, sold his holdings and leaked the information. This selloff (supposedly from Colwell), containing over 80,000 BWK from BitShares user cryptohobbit222 can be seen on BitSharescan.com.

Kristen_Colwell and I have been misled by the BulwarkCoin $BWK team and are FULLY out of this project. I suggest you get your money out before all the finger pointing starts.

Lack of funds has been given as one of the reasons why the team is exiting the project. This is despite the fact that 10% from block reward goes into governance and team funding.

It is also worth noting that the team has not been very transparent with their community. Referencing the “Fake Stake” attack that has been a buzz word in the PoS community, Bulwark claimed that the vulnerability did not affect them. On January 23, they tweeted that:

The vulnerability discussed in this article does not affect us. The attack vectors noted were neutralized in the change to how staking consensus is reached that was already implemented in a previous version.

However, leaked chats reveal team members admitting that the vulnerability is complicated to fix.

Screenshot shared by Brian.

In summary, the team has said that they will work towards ensuring a smooth transition when and if a new team agrees to take over from them. Their latest message on Discord says:

In the near future, Bulwark will experience a transition phase in which current team members will be replaced by highly motivated new team members. This transition will occur in an orderly and professional manner and be overseen by the current leadership. A new direction and objectives will be determined. Much interest has been communicated by potential team members as they see the Bulwark name, branding, and community as an excellent foundation to build upon. This is not an end, it is simply a reorganization and the beginning of great things to come.