Pure Bit, a South Korean change, pulls a $2.8 million exit rip-off • TechCrunch

One other day, one other exit scam. This time it involves us from South Korea, the place an change, Pure Bit, has utterly shut down after elevating $2.8 million in Ethereum from buyers.

The change, which promised to deliver something call Pure Coin, was dwell yesterday and at present is totally shut down after posting “Sorry” and “Thanks” to their communications channels.

In keeping with a Reddit thread, the team was anonymous and that the method of constructing and pumping change tokens is a “well-liked pattern in Korea.”

“They’ve gotten rid of each proof,” wrote one reader. “Web site hosted by faux identify / out of Korea host / messenger / contacts had been all faux too. Now their solely hope is to maintain on observe with that ether and hope for one of the best.”

There is no such thing as a proof but that the staff has pulled a full exit rip-off — there are examples of founders pretending to rip-off their buyers to “educate them a lesson” — however given the abrupt motion of 13,000 ETH out of the gathering pockets we will assume that the story ends right here.

Even their chat room, hosted on their own site, is shut down.

It must be famous that South Korea has banned ICOs, giving scammers the proper cowl for absolute anonymity.

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