Crypto Scammers Want to Pay Back $2.8M to Victims
South Korean crypto startup Pure Bit, which stands accused of fraud, wants to return $2.8 million to its deceived investors.
In early November, the project Pure Bit conducted an ICO in South Korea to create its own cryptocurrency. The hard cap was set at $30 million.
But after the ICO, representatives of Pure Bit disappeared and started to block users on all social media accounts. The crypto media and users immediately followed up on the case and even found a Pure Bit wallet on the largest South Korean exchange Upbit. The victims asked the exchange to block the project accounts and freeze the money. The crypto exchange agreed to the request.
A few days later, the Pure Bit CEO come back and promised to return the money to investors. He said, that crypto enthusiasts have invested 16,000 ETH in the project, which is more than $2.8 million at current prices. Also according to him, the thirst for profit had blinded him, and the theft of money was an unforgivable mistake. The CEO also promised to return the money to the investors, but with the exclusion of any third parties fees.
The CEO has not given notice as to when Pure Bit will begin the reimbursement process.