Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   915

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. 

Chainalysis to Expand Transaction Monitoring Tool

Chainalysis AML software KYT now monitors 4 additional tokens in real-time: BNB, GUSD, USDT and USDC
25 April 2019   53

Analytical blockchain-startup Chainalysis reported that starting today, the proposed transaction tracking tool Chainalysis KYT (Know Your Transaction) supports four additional coins. Their number includes the internal token of the Binance BNB exchange, as well as the Gemini Dollar (GUSD), Tether (USDT) and USD Coin (USDC).

Thus, the anti-money laundering software Chainalysis supports 10 cryptocurrency assets. Prior to that, Chainalysis KYT allowed to track Bitcoin transactions, Ethereum, Bitcoin Cash, Litecoin, TrueUSD and Paxos Standard.

As CoinDesk notes, support for new assets has been added pending the publication of new guidelines for the Financial Action Task Force on Money Laundering (FATF).

Chainalysis is prepared to equip businesses with automated transaction monitoring for currencies beyond bitcoin. We expect that the launch of these multiple currency capabilities will help shape FATF guidance on the sector and help move away from technically infeasible solutions to more pragmatic recommendations.
 

Jonathan Levin

Co-founder and chief operating officer, Chainalysis

According to him, Chainalysis recently upgraded its technology, making it more scalable. Thanks to this, in the future it will be easier for it to add support for other new assets.