South Korean cryptocurrency exchange Upbit discovered a system of rewards for the detection of fraudulent multi-level schemes related to digital currencies and ICO. The new system has already identified and presented to the police 20 such schemes.
According to representatives of Upbit, the system is designed to prevent harm from fraud by promoting a healthy cryptocurrency ecosystem.
Cryptocurrency platform asks all its users to participate in the project, which ends in March 2019. At the expiration of this period Upbit will consider the decision to extend the period of its validity.
The crypto currency exchange will pay a reward of 1 million won (about $930) witnesses or victims of fraudulent schemes that have submitted appropriate information before the others. Suspicious activities can be reported through the app Upbit, choosing the option of consultations in Kakao Talk.