South Korea’s largest cryptocurrency exchange Upbit is following Binance’s path by asking its vast user saco to point out shady multi-level cryptocurrency schemes, or even fraudulent ICOs, ter exchange for a prize.
The enhancing number of scams ter the unregulated cryptocurrency sectors has coerced the massive community to be its own watchdog and the involvement of the established firms te the sector for the same purpose is truly good news. Ter the official announcement, Upbit stated that with this budge it is aiming to “prevent harm [due] to illegal fraud and to create a sound cryptocurrency ecosystem.”
However Upbit did not specify further, Hankook Media is claiming that the exchange has launched the program for the duration of one year and will determine on a further extension te March 2019.
“If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a contant award will be given to the very first reporter of the illegal recruitment case,” the news outlet quoted Upbit.
Upbit confirmed the prize money stating: “to the flamante complainant, Upbit pays a prize of KRW 1 million ($940,000).”
The Kakao-backed cryptocurrency exchange wasgoed already vigilant towards the scams going on ter the market spil Hankook Media stated: “Upbit has bot tracking illegal multi-level coin recruitment [schemes] with its own monitoring.”
According to reports, the exchange successfully reported more than 20 fraudulent cases to police by March 23. The publication also noted that the exchange received a letterteken of appreciation te last November from Suwon Chungbu Police Station for reporting a culprit pretending to be the Seoul Metropolitan Police Agency – a rising scamming tactic to ask for ransom ter cryptocurrencies.
After Kakao’s latest announcement to launch a blockchain podium, fraudsters already hopped ter to sigaar people with a fake ICO of Kakao Coin. The exchange said: “recently fraudulent acts impersonating the Kakao Coin ICO are also found.”