South Korean Crypto Exchange Pure Bit Exit Scams After Raising 13,000 ETH

South Korea cryptocurrency exchange Pure Bit has recently pulled an exit scam after raising a total of 13,000 ETH through an initial coin offering (ICO). At press time, the amount raised is worth $2.7 million.

The team behind Pure Bit reportedly remained anonymous as its ICO was based in South Korea, which banned the fundraising practice months ago. This gives projects the perfect excuse to remain anonymous, but makes it riskier for investors.

The team behind the scam seemingly shut down its website before moving the 13,000 ETH from its wallets, and kicked every member off of its Kakao group chat before posting “sorry” and “thanks” to its communication channels.

On Reddit, one user pointed out that things look bad for investors, who will likely have to try and follow the funds on the blockchain to try to get something back.

They have gotten rid of every evidence. Website hosted by fake name / out of Korea host / messenger / contacts were all fake too. Now their only hope is to keep on track with that ether and hope for the best.

The team behind Pure Bit has already deleted its social media accounts as well. It promised investors a Pure Coin, which would serve as the native token of its cryptocurrency exchange, and would pay holders regular dividends.

Those who used the coins while trading were reportedly going to be rewarded as well. To get more investors on board, Pure Bit was running an affiliate campaign that rewarded users extra tokens for bringing in new investors. The minimum investment amount was of 5 ETH.

The project’s ICO was set to end on November 30, but the team seemingly decided not to wait to pull the scam. As CryptoGlobe covered, exit scams have been regular this year, so much so that a report suggested they’ve taken over $100 million from investors.

Bitcoin Ransomware Targeting Hospitals Amidst Ongoing Pandemic

Michael LaVere
  • Ransomware groups are still targeting hospitals despite the ongoing Coronavirus pandemic.
  • Reports confirm the bitcoin-related Ryuk program is attacking healthcare institutions. 

Operators of the Ryuk Ransomware are continuing to target hospitals amidst the ongoing Coronavirus pandemic. 

According to a report by BleepingComputer, multiple ransomware groups say they will continue targeting hospitals, despite the institutions being overburdened by the current crisis. The tech news outlet was able to contact seven ransomware groups, with the majority confirming they would continue to target hospitals and other medical centers. 

Maze and DoppelyPaymer were the only two groups to say they would no longer target healthcare, with the former returning data from a drug testing company prior to the outbreak. 

Operators of the bitcoin-related Ryuk ransomware program did not respond to BleepingComputer’s inquiry. However, other reports claim the group is taking advantage of the current pandemic to target healthcare providers. 

Vitali Kremez, head of research at AI security platform SentinelOne, told BleepingComputer that ransomware attacks against hospitals have not subsided, despite the impact of the Coronavirus. 

He said, 

Not only has their healthcare targeting not stopped but we have also seen a continuous trend of exploiting healthcare organizations in the middle of the global pandemic.

Featured Image Credit: Photo via Pixabay.com