You can get a thousand dollars for debunking a crypto fraud scheme thanks to the new tool

Approximately 1000 dollars (1 million South Korean won) will be paid for those who report cryptocurrency-related fraud schemes to the new service just established by the popular Korean digital currency exchange Upbit which operates millions of dollars and can afford such spendings with ease.

The efforts of the company have already paid off: 20 fraud schemes have been exposed and reported to the police. This rewarding mechanism might actually prove useful in other countries, maybe even on the state level. The quantity of frauds demonstrates that the market is still very underdeveloped without adequate regulation tools.

The company not only wants to healthen the market, its goal is to terminate fraudulent and fake ICOs connected to its Kakao Coin. The system will be active until March 2019 with the possibility of further extension.

Upbit and Bithumb exchanges have previously been the targets of hackers, and finding them would be much less easy because they operate in the shadows. Cybersecurity experts connect the hacks to the neighbouring North Korea, which, even despite the recent warming of relations with the South, is still in control of vast hacker groups.

Image courtesy of Ivelin Trifonov