Upbit paid rewards for reporting fraud cryptocurrency

One of South Korea’s largest cryptocurrency supported exchanges Kakao Corpip Upbit, paid six traders for reports of fraudulent schemes related to digital currencies. The exchange has received ten such statements and chose six of them, which she gave. The implementation of a system of rewards for the detection of fraudulent multi-level schemes related to digital currencies and ICO, the exchange announced
in March of this year.

«The original Upbit applicant pays a fee in the amount of 1 million won ($931),» says the operator of the exchange Dunamu Inc.

Last week Upbit said:

«Since the introduction of the system in total we received 10 reports of fraud, and 6 of them we chose for our reward system. On June 6 we paid 1 million won, and expressed our appreciation to the applicants. We also provide cash rewards to users who reported about fraudulent activity related to cryptocurrency and ICO investigation bodies (police, prosecutors) and submitted the necessary evidence to confirm their statements.»

While Upbit noted that even in cases where the applicant has not complied with all the prerequisites, but you still «have decided to reward users for participating in the system and for their efforts to create active and responsible createsoapmessage».

Exchange Upbit previously ranked first in terms of trade cryptocurrency in South Korea. At the moment she is in eighth place in the ranking of the world kryptomere with a daily trading volume of $201,594,215 according Coinmaketcap. Upbit dropped to second place in the list of the largest kryptomere South Korea after Bithumb received the palm in trading volume with $239,054,683 daily turnover. Perhaps played a role and the problem of exchange with the regulator – last month it was reported that the South Korean authorities brought
on Upbit case of fraud.

The partnership with Thomson Reuters

In addition to the aforementioned notification system for fraud, in partnership with the multinational media company, Thomson Reuters, Upbit also recently introduced a system called World Check.

The system is intended to support transparency of cryptocurrency transactions and strengthen the KYC of the company. World Check designed to be «reliable and accurate source of information about the risks, which will help companies comply with regulatory obligations and commitments to make informed decisions and to prevent unintended use of businesses to launder the proceeds derived from criminal activities,» — said in a statement.

When a user joins Upbit, the information is checked in the database World Check. If the security risk in terms of crime and terrorism is defined as high, the enrollment process is immediately terminated. The system also checks daily information on the criminal records of clients. The company believes that this will help prevent the operation of money laundering and financing of terrorism with the use of cryptocurrencies.

In March of this year Upbit announced
about launching the country’s first cryptocurrency index. It was reported that the UBCI (Upbit Crypto Index) will be measured on four stock market indexes based on long-term data exchange transaction by calculating the standard values in the confidence interval. Upbit launched three index in April, and the last remaining strategic index will be launched later this year.



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