Upbit, South Korea's largest crypto money exchange, launched a reward system a few months ago and awarded a certain amount of money to the person who denounced the intentional ICO projects.
The company recently launched a program made an update and shared a blog post and talked about what has happened so far in the program. So far, six people have benefited from this award program and received a prize worth 1 million won (about 4,200 liras) per person. Some of the posts shared by Upbit are as follows:
"Since the system has become operational, we have received ten valid notifications in total, and six of them have been accepted. On 6 June we sent KRW 1 million to the owners of these notices. Although we did not complete all of the procedures at the initial hearing due to the lack of evidence in the research reports, we awarded them with an interest in participating in the Upbit program to secure the interest and the cryptographic sector. "
Upbit communicates with authorities by using notices from users, and fraudulent individuals helping him get caught. If two people in the system report the same project they are referred to the "first come, first served" and the first person who reports the project is awarded it.
Before creating this reward program, Upbit applied various marketing tricks
If we think that the crypto money exchanges in South Korea are being followed closely by the authorities, Upbit's attempt to sort out the fraudulent projects on the market could create a good reputation for himself.
As a result of various investigations by the authorities in the country, the two largest cryptographic exchange exchanges in the country, Bithumb, the biggest rival of Upbit, wrong '.