Krypital Group to Deny Partnership with KBcoin

KBcoin is running tokensale at the moment, intends to raise $8M
08 November 2018   146

Today, the blockchain focused venture fund Krypital Group, has officially denied information about its connection with the upcoming launch of the South Korean crypto exchange KBcoin. The corresponding announcement appeared in its blog.

Krypital Group says that KBcoin did contact them regarding possible cooperation, but these negotiations did not bring any results. As reasons for not cooperating, the foundation indicates that the project did not provide it with a demo version of its product and information about team members, and the Krypital Group itself “did not manage to confirm the authenticity of the KBcoin product”. Also, the Krypital Group cannot confirm whether KBcoin uses a fully-fledged KYC procedure that meets the relevant requirements in its current ICO process.

We are known in the industry for the high quality of our cooperative projects. In light of the above circumstances, we regret that we are unable to reach any cooperation with KBcoin under the Kbit Group. As to the fact that KBcoindisplayed Krypital Grouop, Cybermiles, Arcblock, Merculet, Egretia as its partners on its website and/or in other channels for any commercial purpose without authorization, we reserve the right to enforce any and/or all legal remedied available to us.

Krypital Group

ICO, during which KBcoin intends to raise $ 8 million, ends on November 15. The main competitive advantages of the trading platform include the possibility of receiving dividends from KBcoin tokens stored on users' accounts, targeting the listing of popular coins without collecting high commissions and strong partners support, the list of which with today's announcement of the Krypital Group is seriously depleted. 

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Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   70

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.