South Korean Investors Lost 13 000 ETH After Another Exit -Scam

On Thursday popular South Korean Blockchain ROK edition published in Twitter news about a possible exit –scam of local startup Pure Bit. The crypto-exchange website is blocked and accounts in social networks are inactive. In total, Pure Bit managed to collect 13,000 ETH ($ 2.7 million) from investors in the unfinished first round of pre-sale.

According to the discussion on the Reddit, the Pure Bit team was completely anonymous and now it is not possible to track down the scammers:

“They covered their tracks well: the startup website is registered on a foreign hosting on a fake name, as well as an account in the local Kakao messenger. Now they can only hold on to this ether and believe in the best.”

While there is no direct and reliable evidence that the Pure Bit team disappeared forever, because history remembers the case when the exit -scam was only an occasion for additional advertising of the project, as in the case of the Savedroid team, which disappeared after attracting 50 million dollars of investment, but soon returned. However, given that the raised capital of Pure Bit has already been withdrawn from the wallet, we can assume that this is the end of the story.

The issue of tokens (in the case of Pure Bit it was PURE) for “pumping” cryptocurrency from investors has recently become a popular trend in South Korea. It should be noted that the emergence of conditions for the distribution of scam projects in the country, in particular, forced anonymity, was facilitated by the ban on ICO of the local government.