At the start of the month, a cryptocurrency company by the name of Pure Bit ran an initial coin offering (ICO). Said ICO raised around $30m worth of Ethereum, that it said it was planning to use to start a new exchange. Yet just over a week later, it was gone.
The South Korean operation suddenly shut down its social media pages, and told investors "I'm sorry" as they were kicked out of discussion groups. This was a pretty textbook exit scam, where the shutters are pulled down, and the people behind it run off with the money.
However, this is one scam that might just have a happier ending than expected.
After extensive coverage of the scam, and work done by some to track the Pure Bit team down, a statement has been released by the CEO of it, apologising for their actions.
The statement popped up on the twitter feed of BlockchainROK, You can find it here.
The rough translation says that "I made an unforgivable mistake that cannot be turned around, blinded by money. It has been less than a day and I have already started to suffer from guilt. Although it cannot be compared with the hardship faced by the investors, I also felt significant guilt. I sincerely apologize to all of the investors in the ICO who were affected by the operation".
Furthermore, said CEO has promised to try and refund everybody affected by the scam, and has apparently begun the process of doing so. It seems unlikely that every penny will be returned, though, but at least 50% of funds will be refunded. That's unlikely to put off law enforcement officials, and whether it's actually guilt that's at the heart of the Pure Bit turnaround or the realisation that the net is closing in is unclear.
Pure's social media pages remain dead. We'll keep you posted as we hear more...
11/15/2018 / 05:49:22 Source: cryptonewsreview