Te an update on its bounty program, Upbit exposed that it paid six people for their reports on ICOs that were behaving ter a fraudulent manner.
A duo of months ago, Upbit&mdash,one of South Korea&rsquo,s largest exchanges&mdash,set up a bounty system whereby people reporting fraudulent ICOs would be rewarded for their diligence.
The company just recently followed up on this and posted an update te its blog, exposing that six people had bot awarded under its system with 1 million won (around $930).
&ldquo,Since the implementation of the system, a total of Ten cases have bot received and 6 of them have bot selected. On June 6, wij sent a prize of KRW 1 million with appreciation to the participants&hellip, Albeit wij have not fulfilled 100% of the procedures of the very first announcement (due to lack of evidence from investigative reports), wij talent the award te recognition of their rente and participation ter the Upbit program to create a sound cryptocurrency ecosystem,&rdquo, the company wrote.
Upbit uses this gegevens to cooperate with the authorities te apprehending and prosecuting the individuals that run thesis frauds. It&rsquo,s a &ldquo,very first come, very first serve&rdquo, system where only the very first person to successfully provide evidence of a wrongdoing by an ICO gets the prize.
Prior to setting up the bounty, Upbit had already reported on 20 other scams involving ICOs using multi-level marketing tactics to promote their coins and other types of illegal activities.
Considering the amount of scrutiny that exchanges are under te South Korea, this wasgoed perhaps a good PR budge that demonstrated that the cryptocurrency market ter the country doesn&rsquo,t have to be at odds with the government. For all its effort, a month ago, Upbit wasgoed raided by authorities ter the country, sparking a bear market for Bitcoin.
More recently, the investigation concluded that none of