Get Paid By Reporting Illegal Crypto Schemes in South Korea

Upbit, the cryptocurrency exchange backed by Kakao has launched a system that rewards users for identifying and reporting false multi-level schemes which are connected to cryptocurrencies. The system has successfully recognized and reported a number of the aforementioned schemes to the authorities.
As South Korea’s largest cryptocurrency exchange, Upbit took it upon itself to invite all users to use its new system specifically designed to identify multi-level illegal scams which guise themselves as cryptocurrencies or initial coin offering (ICO) tokens.
According to the announcement from Upbit, this action was motivated by the desire “prevent damage [due] to illegal fraud and to create sound cryptocurrency ecosystem.” The steadily rising number of illegal multi-level and Ponzi fraud incidents is also one of the reasons behind the creation of such system. The system will be running starting this month and end on March 2019. After a year, Upbit will then decide to extent the period or not.
Since March 23, 20 cases had already been reported to the police. Upbit has explained that “if illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash reward will be given to the first reporter of the illegal recruitment case.” Furthermore, they added that the original complainant wil receive a reward amounting to 1 million won ( approximately $930) from the company.
Upbit’s rival on the other hand, Bithumb, has disseminated brochures whose main target was avoiding damage brought upon by cryptocurrency fraud. They also offer resources at their walk-in customer centers to alleviate the rising number of phishing and hacking.
Bithumb has discussed the contents of the brochure which included voice phishing, pharming, SMS phishing, hacking and the corresponding preventive measures.
You can visit Upbit’s site here.

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