Pure Bit, a South Korean Exchange with a reportedly bogus team which raised $2.8 Million USD in Ethereum from investor and crypto enthusiasts to create a cryptocurrency called Pure Coin has now intimated the community of its shut down.

Records on their wallet show that 13000 ETH was abruptly moved away. The founders on the website were bogus profiles and at the moment nothing can be traced back to the original team. The supposed scam was possible because of the high noise in South Korean markets regarding successful ICOs despite a ban from the Government.

The various channels of communication between the community and the team like Telegram channel and a forum on its own website have now been shut down with thankful and apology messages posted by the team.

While there is no proper verification whether it is a scam, however, the crypto community has typically been hit by similar cases of exit-scams.