South Korean cryptocurrency startup pulls $ 2.7 million exit scam

2018 will certainly be the year of the exit scam like another the initial offer of coins (ICO) has disappeared out of nowhere – as has the cryptocurrency of millions of dollars worth of investors.

Blockchain, Pure Bit, has apparently recovered $ 2.7 million in cash after collecting 13,000 Ethereums in an ICO. The transaction history shows that, a few hours after removing all the funds raised from its portfolio, the company removed its website. He now returns a blank page.

Victim Report Pure Bit has already deleted its social media accounts; he also excluded all users from his dedicated KakaoTalk newsgroup.

An archived version of its website indicates that the company was raising funds to create a new type of "mining coin" (based on Ethereum ERC20) that pays dividends to the holders. She also planned to launch a cryptocurrency trading desk that would reward customers who used her native PURE coin. But now, it seems that none of these promises is authentic.

Pure Bit also organized an affiliate campaign that rewarded users with additional chips each time they attracted new investors. the minimum amount to enter the symbolic sale was about $ 1,000 (5 ETH). According to the site now gone, the company started raising funds on November 5th. She intended to keep the sale open until November 30th.

This is the latest in a series of outgoing scams that took place in the blockchain space in 2018. Indeed, reports suggest that crooks to the outlet has stolen more than $ 100 million in cryptocurrency over the past two years alone. Subsequent investigations suggest that the actual amount of stolen cryptocurrency could be even higher.

Of course, there is always a chance that the abrupt disappearance of Pure Bit is just a silly marketing move (although this seems somewhat unlikely at this point).

Posted on November 9, 2018 – 15:17 UTC