Belgium Watchdog Adds 8 to List of Suspicious Companies

Financial regulator of Belgium - the Financial Services and Markets Authority has updated its web page with the new warning headline
21 June 2018   491

This headline claims: “CRYPTOCURRENCY TRADING PLATFORMS: BEWARE OF FRAUD!” Today the watchdog added 8 cryptocurrency exchanges that it considers suspicious - bringing the total up to a round 50. On their website the FSMA declares  that the latest update features crypto trading firms whose clients bewailed about not gaining their means back after investing.

There are also statements made by one of the customers who was stolen from. As claimed by this person (all names are redacted), he was reportedly contacted by a French individual who worked for a crypto exchange, placed in the UK, and after a talk sent the company some money for trading. To make a long story short, the person then asked for a withdrawal and did not receive it.

The FSMA underlines that it makes up its list in accordance with the notices made on the basis of customer complaints. It warns people to be wary of promises of proportionate gains, and to always verify the identity of who they are dealing with. A similar remit was made by the French financial watchdog, Autorité des Marchés Financiers, a few days ago. The alert is formulated differently; it reports about 4 companies suggesting “atypical investments” made without authorisation. 2 on the list relate to the same entity (, though the latter is not a functioning website.

Several months ago, in March, the AMF issued a list of 15 cryptocurrency firms that were processing without a licence.

Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   93

The founders of the South Korean exchange Pure Bit, who were suspected of stealing investors' money, announced the return of funds.

According to the local edition of BlockchainROK, representatives of the exchange have already partially returned the money to some users and pledged to return all other funds.

On November 4, the exchange team launched the ICO with the goal of collecting about $ 30 million to create a crypto exchange. However, on November 9, Pure Bit closed the site, said goodbye to its investors and removed everyone from the group in the KakaoTalk messenger. Also, the founders of the exchange withdrew funds from the account that was used for ICO.

According to CCN, one of the issues traced the Ethereum address of the exchange and asked Upbit to block the account and freeze the funds. Upbit fulfilled this request.

This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially. 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.

CEO of Pure Bit

The founder of Pure Bit also notified that he would return ETH 16,000 to depositors without taking into account the payment of services to a third-party company that organized ICO.