Based on a recent report, a new South Korea Based crypto exchange — Pure Bit has pulled what is referred to as an exit scam. The exchange has successfully scammed investor out of at least 13,000 ETH raised during its ICO.
Social Media Pages Deleted
The report which was made public by a Korean blockchain news provider, Blockchain ROK, confirmed this. It was reported that all social media accounts related to the exchange have been deleted. The CEO of the exchange has also changed his name on a Korean social media network Kakao to “I’m sorry”.
BlockchainROK confirmed the news of the exist scam via its official Twitter account.
The news media tweeted that:
“?? – New Korean exchange PureBit just pulled an exit scam claiming 13,000ETH from its investors as we speak. Kakao channels are emptying and the site has been pulled. This is why we can’t have nice things. Karma comes back hard when you screw this many people over.”
Apart from its social media pages, all public contacts associated with the exchange is no longer available.
PureBit Raised 13,000 ETH during ICO
The exchange which conducted its ICO recently was able to raise about 13,000 ETH during the ICO process. Just like it is seen with other exchanges which issued an ICO token, the investors are entitled to some of the crypto exchange’s profits, and exchange fees paid with the token would be heavily discounted.
Excerpt from the exchanges’ mission statement states the function of the exchanges’ token and the benefits of investing.
It was stated that:
“Pure coin (PURE) is PureBit’s own coin on the exchange. You can get a portion of the exchange’s return just by having a PURE COIN. In addition, the transaction fee will be paid back to PURE COIN. If you pay the fee with PURE COIN, 30% commission will be discounted. PURE COIN will be incurred 100% on the same day.”
Going by this, one can deduce that PURE coin is a 3rd generation mining coin that includes dividend + mining + incineration.
