Pure Bit Cryptocurrency Exit Scam: They Disappeared with Investor Money

Pure coin logo

The latest scam in the Cryptocurrency industry: Pure coin. Pure coin performed an exit scam on those that invested into it. All traces of Pure coin are now gone. They were operating at the website https://purealt.org/index.html - it now just says "Error." What they did was empty out all of the cryptocurrency wallets and disappeared after pretending to be a legitimate new alternative cryptocurrency.

While operating this scam, Pure said this about their cryptocurrency: "PURE is a new cryptocurrency that aims to purify the blockchain, with fresh ideas and clear vision toward a fair and truly decentralized usage and better tomorrow."

According to this Tech Crunch article, this was a South Korean exchange that had raised $2.8 million in Ethereum from investors before completely disappearing. Also, "the process of building and pumping exchange tokens is a popular trend in Korea."

With no mention of who was the team behind the project, there was no public way of knowing who the contributors were. According to Dmitry on Medium.com, Pure promised to deliver a roadmap and whitepaper for over a month. When Dmitry asked on the public forum "So where can I get a list of the developers/founders/creators of PURE?" his question was deleted by the moderator "Pure Dev". This was a dead giveaway to Dmitry that this was a potential scam.

This is yet another lesson why not to invest your money into schemes that look risky.