Upbit launches system to expose illegal crypto activities. Cocoa-backed cryptocurrency exchange Upbit is launching a system that will reward its users for revealing fraudulent and illegal schemes related to cryptocurrencies.. Upbit has previously reported and reported such schemes to the police before.
Upbit wants all users to participate in the new system that exposes illegal crypto activities
South Korea’s largest cryptocurrency exchange, Upbit, has invited all its users to use its new system, which aims to detect multi-level, illegal scams that occur as cryptocurrencies or initial coin offerings (ICO) tokens.
Upbit said in a statement recently. He wrote that the number of multi-level and ponzi fraud cases is increasing, and the new system attempts to “avoid illegal fraud and create a robust cryptocurrency ecosystem.”. The cocoa-backed exchange wants all its users to join the system to prevent cryptocurrency fraud.
Upbit awards cash prizes to those who uncover illegal crypto activities
According to Hankook Media, the system is one year It will be in effect throughout and will expire in March 2019.. Upbit will decide later whether this period will be extended.. Hankook Media said:
If bystanders or victims of illegal multi-level plots are also reporting to Upbit and investigating authorities, a cash reward will be awarded to the user who first uncovers the illegal case.
Upbit confirmed Hankook Media’s comments and issued the following statement:
The first person to reveal the plan, Upbit awards a 1 million prize (approximately US$ 930).
Reporting a suspected illegal plan can be done through the Upbit app
Reporting a suspected illegal plan can be done via the Upbit app by selecting Upbit, the Kakao Talk consultation option. Upbit is the largest cryptocurrency exchange in South Korea and the company with the third largest trading volume in the country, with a 24-hour trading volume of $1.1 billion globally.. Bithumb is the country’s second largest cryptocurrency exchange with a trading volume of $686 million in the same period.
Upbit uncovers illegal crypto activities with its own monitoring system
Upbit detects illegal crypto activities with its own monitoring system taking off. According to Hankook Media, Upbit monitors schemes of illegal, multi-level cryptocurrency purchases with its own monitoring system.. On March 23, Upbit reported more than 20 fraudulent incidents to the police. Last November, in a statement released by the Suwon Chungbu Police Station, Upbit was thanked for pretending to be the Seoul Metropolitan Police Service. /h3>
Upbit also notes that there have been recent fraudulent activities faking the Kakao Coin ICO.. After rumors of a pre-sale of Kakao Corp’s coins, officials said they were concerned about the damage caused by the fraud, the company is preparing to set up a Blockchain subsidiary.. Kakao stressed that not all sales and purchases by participants and investors for Cocoa tokens are correct.
Bithumb creates informative booklets to combat fraud and hacking
On Tuesday, Upbit’s competitor Bithumb also distributed flyers to prevent harm caused by cryptocurrency fraud. Bithumb also provides resources in its customer centers to combat fraud and hacking. Bithumb booklets are stated to explain in detail concepts such as voice ID support, pharming, SMS phishing, hacking, preventive measures and damage remedies in easy-to-understand text and comic format.
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