South Korean cryptocurrency startup pulls a $2.7M exit rip-off

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South Korean cryptocurrency startup pulls a $2.7M exit rip-off

2018 will no doubt lunge down as the three hundred and sixty five days of the exit rip-off as yet one other initial coin offering (ICO) has disappeared out of thin air – alongside with 1000’s and 1000’s value of investors’ cryptocurrency.

Blockchain firm Pure Bit has apparently walked off with $2.7 million value of investors’ money after raising thirteen,000 Ethereum in an ICO. Transaction ancient previous reveals that hours after keen all raised funds out of its pockets, the firm proceeded to prefer down its web effect of residing. It now returns a blank online page.

Victims fable Pure Bit has already deleted its social media accounts; it has additionally kicked out all customers from its devoted KakaoTalk chat crew.

An archived version of its web effect of residing says the firm used to be raising funds to produce a new create of a ‘mining coin’ (essentially based solely on Ethereum’s ERC20 standard) that pays dividends to holders. It additionally had plans to open a cryptocurrency alternate desk that would reward potentialities for the usage of its native PURE coin. But now it looks none of those promises were legitimate.

Pure Bit used to be additionally operating an affiliate campaign that rewarded customers with extra tokens any time they introduced new investors; the minimal quantity to enter the token sale used to be roughly $1,000 (5 ETH). In accordance with the now-defunct effect of residing, the firm first started raising funds on November 5. It intended to win the sale open till November 30.

Here is the most contemporary in a string of exit scams that took characteristic in the blockchain space in 2018. Certainly, reports suggested exit scammers have thieved more than $a hundred million value of cryptocurrency over the closing two years alone. Subsequent investigations hint the categorical sum of stolen cryptocurrency could perhaps perchance perchance be even better.

Pointless to claim, there’s continually the possibility Pure Bit’s abrupt disappearance used to be correct a silly advertising and marketing stunt (though that looks significantly no longer in point of fact at this level).

Published November 9, 2018 — 15:17 UTC

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November 9, 2018 — 15:17 UTC