Last year, two groups of scientists claimed that the ancient animal - that had long defied classification - was in fact a vertebrate. Specifically, it seemed to be a type of fish called a lamprey.
However, according paleobiologists who undertook more analysis, this classification is wrong.
"This animal doesn't fit easy classification because it's so weird," said Lauren Sallan, an assistant professor at University of Pennsylvania in the US.
The mystery of the Tully monster, known to scientists as Tullimonstrum gregarium, remains.
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"It's important to incorporate all lines of evidence when considering enigmatic fossils: anatomical, preservational and comparative," said Sam Giles, a junior research fellow at the University of Oxford.
"Applying that standard to the Tully monster argues strongly against a vertebrate identity," said Giles.
Initially it was identified as a worm, Sallan said.
"There is a well-constructed argument that it is some kind of mollusc, like a sea cucumber. There is another very strong argument that it's some kind of arthropod, similar to a lobster," he said.
That is why it took the scientific community by surprise when in 2016 two studies came out in close succession both claiming they had firm evidence that the Tully monster was in fact a vertebrate, researchers said.