Wells Fargo to Ban Cryptos Purchase on Its Credit Cards

Wells Fargo joined Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which also limited the purchase of cryptocurrency by using their credit cards
12 June 2018   461

Following a number of other major financial institutions in the US, the financial company Wells Fargo & Co announced the ban on the purchase of bitcoin and other crypto-currencies using its credit cards, Bloomberg reports.

While the ban on the purchase of crypto currency will act, Wells Fargo "will continue to evaluate the issue as the market evolves," said spokeswoman Shelley Miller.

Thus, Wells Fargo joined Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which also limited the purchase of cryptocurrency by using their credit cards in February, citing market volatility and credit risks.

As representatives of the organizations noted then, they are worried that they will be "hooked" if, by acquiring a crypto currency, the client loses money and can not repay the loan.

According to last year's research by LendEDU, approximately 18% of investors buying bitcoins used a credit card to purchase. Of these, 22% could not pay off the balance after buying the tokens.

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.