Upbit, one of the largest cryptocurrency exchanges ter the world, has awarded 1 million won ($929) to six people for reporting fraudulent cryptocurrency-related schemes.
Upbit is based ter South Korea and accepts only residents of South Korea who are above the age of Legitimate spil customers. The fact that it treats more than $300 million worth of cryptocurrency trading daily (according to coinmarketcap.com) shows how popular cryptocurrency trading is te the country.
Upbit wasgoed created te October by Kakao, the company behind South Korea’s superior messaging application, KakaoTalk, te partnership with Bittrex, a US cryptocurrency exchange.
The prize programme wasgoed very first announced ter March of this year. The company stated that the purpose wasgoed to “create a sound cryptocurrency ecosystem” through encouraging the industry to police itself. By the 23rd of that month, 20 schemes had bot found and reported to police. Funnily enough, one of the busted schemes wasgoed a fake ICO for ‘Kakao Coin’. It wasgoed reported at the time that the scheme is to last for a year.
The Upbit prize system is reminiscent of the whistleblower schemes that financial watchdogs have bot running te the field of traditional finance for years. The Securities and Exchange Commission of the US awarded $Two.Two million to an individual tipgever te April, for example, .
Another cryptocurrency exchange suggesting financial prizes to telltales is Binance, the second-biggest such company ter the world, originally from China but already expanding to several other countries. Someone attempted to hack the exchange ter March, and the giant responded by suggesting $250,000 for information leading to an hechtenis.
Spil a further deterrent, the company announced that $Ten million has bot set aside spil a fund to prize future thief-catchers.
Upbit had its offices ter Gangnam-gu, Seoul, raided by específico police last month. Computers hard-drives were seized because the exchange wasgoed suspected of deceiving investors, according to etoday.co.rk. The raid wasgoed part of a broader series of police investigations on cryptocurrency exchanges ter the country.
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