A South Korea Based Crypto Exchange has Disappeared with 13,000 ETH

A South Korea Based Crypto Exchange has Disappeared with 13,000 ETH

Pure Bit

A recent report made it known that a South Korea Based crypto exchange, Pure Bit has disappeared with its trader’s funds and about 13,000 ETH received during its ICO.

Pure Bit Deleted All Pages

The report made it known that the exchange has not only deleted its website, it has also deleted all its social media pages without warning. The founder of the exchange has also changed his name on a Korean social media network Kakao to “I’m sorry”.

The news of the exchange disappearance was broken by a south Korean based news outlet, Blockchain ROK. The news which was broken on the news portal official twitter account reads:
“New Korean exchange Pure Bit just pulled an exit scam claiming 13,000ETH from its investors as we speak. Kakao channels are emptying and the site has been pulled. This is why we can’t have nice things. Karma comes back hard when you screw this many people over.”


Apart from carting away traders funds, the exchange also stole a total of 13,000 ETH which it raised during its ICO. Investors in the exchange were entitled to some of the crypto exchange’s profits and exchange fees paid with the token would be heavily discounted. The native token of the exchange is the PURE COIN.

PURE coin is a 3rd generation mining coin that includes dividend + mining + incineration. The functions and the overall characteristics of the Pure Coin were initially stated on the official ICO page.

It was stated there that:
“Pure coin (PURE) is PureBit’s own coin on the exchange. You can get a portion of the exchange’s return just by having a PURE COIN. In addition, the transaction fee will be paid back to PURE COIN. If you pay the fee with PURE COIN, 30% commission will be discounted. PURE COIN will be incurred 100% on the same day.”