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S. Korea’s Upbit Exchange Introduces New System To Stop Cryptocurrency Scams

If you are a user of South Korea's largest cryptocurrency exchange, Upbit, you could now be paid for reporting cryptocurrency scams.

Upbit says they’re aiming to help stop any form of cryptocurrency fraud with their new systems in place. With the escalation of cryptocurrencies being introduced to the market, Upbit says there have been numerous multi-level marketing and ponzi schemes occuring. According to UpBit this new system was created, “In order to prevent damage to illegal fraud and to create a sound password ecosystem, UPBIT will start operating a report award system as shown below.”

The S. Korean based exchange has asked all of their clients to make use of the system and help them crack down on any kind of scam posing a legitimate ICO. The exchange says that anyone that can assist in thwarting these scams would be paid one million won (~900 US dollars).

Upbit has only been around a short while but has rapidly grown into S. Korea’s largest cryptocurrency exchange. Just a few days ago the exchange announced that they were launching the nation’s first cryptocurrency index known as the UBCI (Upbit Crypto Index) with the purpose of helping investors understand overall market trends.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
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