Pure Bit Bamboozles investors in $ 2.7 million ICO Exit Scam


Pure Bit has attracted investors with the promises of a gratifying ICO, then mysteriously vanished, bringing with it 13,000 worth of ETH.

There is a Sucker born every minute

The South Korean exchange is accused of pulling a scam to the exit after raising almost 13,000 ETHs ($ 2.7 million) in ICO funds. A few months ago ICOs were banned in South Korea. In response, the Pure Bit team operated anonymously. Investors may not have been prudent, as investing in cryptocurrencies is extremely popular in South Korea.

As is typical of these scams, it seems that the Pure Bit team has closed its own website, has moved 13,000 ETH 00 from his wallets, and essentially erased all social media, including his Kakao group chat before making a final post saying "I'm sorry" and "thank you".

Investors will probably have an incredibly difficult time to recover their funds and the Reddit user 'qwerty77077& # 39; He stressed that:

They got rid of every test. Even the Web site hosted by the fake name / from the host / messenger / contacts of Korea was all fake. Now their only hope is to continue to follow that ether and hope for the best.

Bamboozled Sheep


Pure Bit's investors had been promised a pure currency that paid dividends that was to be used as the platform's native cryptocurrency and users would presumably be rewarded for using the token as a base pay for trades. Similar to Binance (BNB), Pure Bit offered an affiliate program that rewarded users with additional tokens for referrals that lead to new uses and the minimum investment for ICO was 5 ETH.

The ICO of Pure Bit was scheduled to end on November 30, but it seems that the team felt they had raised enough funds and had anticipated the trigger in advance. ICO scams were a persistent scourge over the cryptocurrency and at the start of the October Canadian exchange, MapleChange has disappeared with almost $ 6 million in investor funds. To date, ICO exit scams are reported cost investors more than $ 100 million.

Do you think ICOs should be banned in South Korea? Share your thoughts in the comments below.

Images courtesy of Shutterstock.

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