In the beginning of recent week, a cryptocurrency exit scam had been launched in South Korea which was named “Pure Bit” disappeared along with more than 30 million dollars of clients’ hedges.
Bitconews released a report about the digit asset Pure Bit and its organizers who collapsed all of their social media supports also KakaoTalk groups, ostracized hedgers of various public chat groups with the words “I’m sorry”.
Every economic and trade-supported platform media outlet of South Korea released this particular news to declare digital theft, increase acknowledgement and also conveyed news to the regulators.
One report had been released related to tracing the Ethereum address of Pure Bit to appeal Upbit, which is known as the 2nd largest cryptocurrency trade of South Korea, to freeze the account of the frauds and also to enclose their hedges. Upbit embraced the appeal and immediately fixated the funds.
The group released a particular patent which had been released by BlockchainROK, asked forgiveness for its deceptive performance. The CEO cited that he had been unsighted by amount and committed an inexcusable flaw that cannot be neglected.
“This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially.”
“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”.
Out of Criminality or Terror?
As per the patent, the CEO announced that he had been charged of guilt and eventually planned to return to sufferers of the theft.
Over the previous some months, the domestic police of Korea Internet & Security Agency, and the Financial Services Commission (FSC) posed as an essential strive to disrupt fraudulent activities and crypto trades with poor internal managing process.
Mark Peter is a full-time member of the reporting team at Bitconews. He is a finance major with one five of writing experience. He has not held any value in Bitcoin or other currencies. He joins Bitconews as a freelance journalist, blogger and forex trader.
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