The South Korean crypto exchange Pure Bit has pulled an exit scam, and ran away with approximately 13.5 thousand Ethereum. This equals 2.8 million dollars, and was gained by running an Initial Coin Offering (ICO) earlier this year. They wiped removed every presence of their project from the internet.
Immediately when the ICO ended, all money was transferred to a single Ethereum address. On November 9th an amount of 500 ETH was moved, followed by the other 13.178 ETH. The transfers can be traced on Etherscan.
Pure Bit managed to gather this much money, because it ran an ICO. Pure Coin would be a tradable coin on the upcoming exchange. Owners of Pure Coin would gain a percentage of the exchange’s revenue, as well as discounted trading fees. The team also claimed to burn 90% of the token supply in the next three years, which made the coin a good long term investment.
Now Pure Bit is removed from the internet. The website vanished and all social media accounts have been closed. On the Asian chat platform Kakao the community admin left a final message: “Thank you”.
The initiators of Pure Bit already committed a crime before they even stole money. ICO projects have been declared illegal by the South Korean government. It’s very likely that the cybercrime task force is hot on their tails, as Korea is used to dealing with cybercrime.