Pure Bit lured buyers in with guarantees of a rewarding ICO then mysteriously vanished, taking 13,000 price of ETH with them.
There’s a Sucker Born Each Minute
The South Korean alternate is accused of pulling an exit rip-off after elevating almost 13,000 ETH ($2.7 million) in ICO funds. A couple of months in the past ICOs have been banned in South Korea. In response, the crew behind Pure Bit operated anonymously. It’s doubtless that buyers weren’t cautious of this, as investing in cryptocurrencies is extraordinarily fashionable in South Korea.
As is typical for these scams, the Pure Bit crew seems to have shut down its web site, shifted 13,000 ETH zerozero from its wallets, and primarily deleted all social media, together with its Kakao group chat earlier than making a remaining submit saying “sorry,” and “thanks.”
Buyers will most likely have an extremely troublesome time recovering their funds and Reddit consumer ‘qwerty77077’ identified that:
They’ve gotten rid of each proof. Web site hosted by faux title / out of Korea host/ messenger/contacts have been all faux too. Now their solely hope is to maintain on observe with that ether and hope for the very best.
Pure Bit buyers had been promised a dividend-paying Pure Coin which was for use because the platform’s native cryptocurrency and customers would supposedly be rewarded for utilizing the token as a base pay for trades. Just like Binance (BNB), Pure Bit was providing an associates program which rewarded customers with extra tokens for referrals that result in new makes use of and the minimal funding for the ICO was 5 ETH.