WeChat to Ban Crypto Media

There are a lot of popular crypto related accounts that are unavailable now
22 August 2018   410

WeChat messenger, developed by the Chinese technological giant Tencent, baned media accounts connected to blockchain and cryptocurrencies. This is reported by CoinDesk with reference to a local source.

Among the affected WeChat accounts there are: Jinse, supported by Node Capital, and Deepchain, which developed several crypto-currency funds at once. When you switch to these accounts, you receive a message stating that they are blocked "due to user complaints."  A similar message appears when switching to Huobi News and CoinDaily accounts.

Due to users' complaints and after the platform's examinations, the account is found to violate 'Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools' and all contents have been banned. The account has been prohibited for use.

WeChat Message

The reason for blocking WeChat accounts is still unknown. However, newly-enacted rules from China's government may have played a factor.

The users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension, and closure until the account is closed, meanwhile saving the relevant records and fulfilling the obligation to report to the relevant authority.

The Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tool

In March, the national publication People's Daily severely criticized Chinese news sources about the blockchain and crypto-currencies, arguing that they help to manipulate the market. 

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.