Sunday, August 25, 2019

Pure Bit Set To Return Stolen Funds From Crypto Scam

The month of November have been like a roller coaster ride for South Korean crypto exchange company, Pure Bit. After the company was categorized as a scam crypto firm, the CEO announced on Nov 14 that ‘out of guilt’, he will give back every crypto he took from their investors.

The incident with Pure Bit had been filled with pure shocking news and details since the launching of its ICO on Nov 4. This ICO was first conceptualized in accordance to raise $30 million worth of Ethereum. However, earlier this week, it was reported that the company’s funds of over $30 million disappeared and so were the minds behind Pure Bit.

Due to this, the authorities and the masses became aware of the term called ‘crypto exit scam’. As the investigation continues to emerge in the past days, the investors who demands justice for their cryptos even made an agreement with UpBit — second most largest South Korean exchange — in order to freeze the accounts of Pure Bit, which was later on granted by UpBit.

As the authorities and the support of mainstream media of the country went viral and solid, it was later revealed that Pure Bit’s CEO released a statement through BlockchainROK saying that he’s sorry for what happened and knew that this affects a lot for their investors.

Whether out of guilt or due to fear, one important thing is that the money of the investors out of this incident were all going to be returned from them in no time but the image of Pure Bit as a trustworthy crypto firm?, I don’t think so.

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