South Korea's Upbit platform launches bonus system for fraud reports

Posted 29 March, 2018

Upbit platform has announced the launch of the bonus system for users that detected and reported scammy cryptocurrency schemes. The major South Korea-based crypto exchange sent a message to all its users asking for participation in the new project aimed at detecting illegal scams and fraud regarding both digital coins and ICOs.

In particular, the Kakao-backed platform has developed the system that will reward users for their fraud reports in this sector. This will help inform police and eliminate such illegal activities in advance.

As the company commented, the users will be able to make reports about possible illegal schemes via its app "by choosing the Kakao Talk consultation option".

"If witnesses or victims of illegal multi-level plans also report to Upbit and investigating authorities, a cash prize will be awarded to the user who first uncovered the illegal case," company note reads.

According to the news reports, it was reported more than 20 cases to the law enforcement bodies by last week.

Noteworthy, another exchange Bithumb reportedly mailed out folders covering measures to prevent and eliminate fraud. Moreover, it seems that the platforms follow Upbit policy – it provides funds for customer centers to prevent illegal and scammy activities in the market.

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