The largest South Korean Cork UpBit, followed by Binance, announced a prize for revealing deceptive ICO.
One thing is clear, the authorities simply can not cope with the growing number of frauds that are taking on a bigger role on the Internet. Despite the efforts of social networks and financial regulators, fraud continues to rise. This has forced the Crypton community to be its own regulator, albeit on the basis of criminal principles known to us two centuries ago.
In its official statement, UpBit admitted that the step is more of a preventive rather than punitive current counterfeit cryptocurrencies.
The Exchange will start the program for one year and will decide on a further extension, in March 2019.
If eyewitnesses or victims report to Upbit and the investigating agencies at the same time, a cash prize will be given to the first reported fraud, the Upbit press release said.
Upbit confirmed the award by saying: "For the original complainant, Upbit pays a pay of KRW 1 million ($ 940,000)."
Source: Bloomberg Pro Terminal
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