South Korean Bitcoin Exchange Offers Reward to Users Who Report Cryptocurrency Schemes

As a way to try and fight off some of the scams and illegal activities in the cryptocurrency space, Upbit, a South Korean exchange, has started offering its users rewards for identifying fraudulent multi-level schemes.

There seems to be a wave of fighting back against these frauds and thieves with Binance’s announcement earlier this month that they would reward any information that led to the capture of hackers.

Stamping out scams

The move by the exchange seems to be a good one as it enlists a powerful ally in the battle against scam and illegal crypto schemes. The crypto community is broad and active and can lend a lot of weight to the battle against these dodgy businesses.

The exchange has already identified and reported 20 such schemes to the police and having invited all of its users to use its new system, aimed at identifying multi-level, illegal scams posing as cryptocurrencies or ICOs, and it aims to take more down.

“If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case,” Upbit confirmed.

“To the original complainant, Upbit pays a reward of one mln Won ($930).”

New trend

With Upbit enlisting its users and Binance asking its users to help track down hackers, there seems to be a new trend developing where it is no longer just the companies against the criminals.

The fact that users are joining the fray, for reward, means that suddenly there are a lot more eyes and ears out there ready to sink any dodgy or illegal activities.

There is a definite need for illegal and scam activities to be stamped out of the crypto community space, as it is already affecting the likes of Facebook, Google, and now Twitter have implemented far-reaching bans which damage legitimate businesses as well, when it comes to advertising.