In recent months, the rising number of scams related to the crypto industry have become a reason for growing concern for many alt-asset holders. Upbit, the South Korean exchange, wants to nip such schemes in the bud by offering an official bounty to whistleblowers.
Upbit has an Intriguing Plan
One has to commend the Upbit team for trying to put an end to cryptocurrency scams. While the Bitcoin industry is home to a lot of excitement and hype, there is also a criminal aspect which cannot be ignored much longer. Get-rich-quick schemes are pretty popular where cryptocurrencies are concerned, yet very few of them can effectively be trusted.
As such, the South Korean company decided to conduct a little social experiment. The company has offered a 1 million Korean Won reward to whoever reports an illegal cryptocurrency scheme. This bounty equals nearly $940,000, making it a very lucrative venture to pursue for anyone who has caught wind of a cryptocurrency scam active today. Although it is unclear if this offer applies to only South Korean nationals, it is quite evident that the company wants to ensure the safety of the cryptocurrency industry at large.
For the time being, it seems this bounty program will run until March 2019. At that time, it can be extended further, depending on how impactful the bounty proves to be.
Lastly, the company has seemingly indicated that they have successfully reported fraudulent programs in the past. Over 20 complaints have been filed so far, which further confirms Upbit has nothing but good intentions for the digital asset industry.
Final Thoughts
In a perfect world, anyone coming across a cryptocurrency scam would report such findings to the police without giving it a second thought. Unfortunately, that is not the world we live in today, as people feel they need to be rewarded for every action they undertake. As such, launching a bounty program to crack down on cryptocurrency scams makes a lot of sense.
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