Recently a cryptocurrency exit rip-off in South Korea named as “Pure Bit” vanished with more than $30 million in user funds. In the month of November, the group led an initial coin offering (ICO) to increase more than $30 million with the help of Ethereum (ETH) to create a cryptocurrency exchange.

As per the report published in CCN on November 13, Pure Bit and its workers closed down all of their social media such as KakaoTalk groups, thrusting out depositors in numerous public chat groups with the message “I’m sorry.” When the incident took place each money and business-focused typical media outlet in South Korea recounted the case, increasing the responsiveness and recording to the establishments. One publication went as far to track the Ethereum address of Pure Bit to request Upbit, the second main cryptocurrency exchange in South Korea, to block the account of the scammers and close their resources. Upbit has acknowledged the request and proximately stopped the capitals.

Perhaps because of the involvement of law implementation activities and the unforeseen provision from the country’s conventional broadcasting to deliver widespread attention on the scam, the crowd by now incompletely repaid numerous victims and assured to repay every other fund. The group unconfined a declaration which was mentioned by BlockchainROK, ask for forgiveness for its fake process. The CEO mentioned that he was “blinded by cash” and made an “unpardonable mistake” that dismiss be twisted around. The CEO left on to state that the cheat project will reimburse every other funds imaginable out of the 16,000 ETH, overlooking the fee a third party industry conformist to pledge the ICO on behalf of the group.

Possibly due to the involvement of law enforcement agencies and the unexpected support from the country’s mainstream media to provide extensive coverage on the scam, the group already partially refunded several victims and promised to refund all of the remaining funds. The group released a statement which was reported by BlockchainROK, ask for forgiveness for its fake process. The CEO further mentioned that he was “trapped by the currency” and made an “unpardonable error” that cannot be twisted around.

The CEO went on to state that the scam project will reimburse all of the funds possible out of the 16,000 ETH, disregarding the fee a third party company received to initiate the ICO on behalf of the group.

“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.”

As per the magnitude of the circumstance and the unparalleled kind of coverage of media the situation got as a completely thinkable that the workers of the scam calculated the process went out of the hand, past the prospects of the crowd.

Eventually, a person with a level of understanding established by the above-mentioned declaration might not pledge a scam that might affect lots of persons expressively and emotionally in the first place.