Major Korean Exchange Paid For Report on Scam Crypto Schemes

June 14, 2018

Large South Korea’s crypto exchange Upbit paid six persons for reports on scam schemes in crypto industry.

The exchange was informed about ten incidents. Upbit also used to collaborate with Thomson Reuters to maintain transparent crypto transactions.

In March the exchange adopted bonus system to reward users for revealing crypto fraud schemes. The system is focused on detecting multi-level illegal scams involving tokens or ICO.

“To the original complainant, Upbit pays a reward of 1 million won [about $931],” claimed the exchange operator Dunamu Inc.

Upbit noted, investigation in most of the cases was withheld nut the exchange decided to pay anyway thus rewarding users for taking part and establishing sound cryptocurrency environment.

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