Upbit pays users for reports of illegal crypto activities

South Korean exchange Upbit started a bounty program for the users to report fraudulent ICOs and crypto scams
28 March 2018   92

With the cryptocurrencies gaining popularity various fraudulent schemes has been in upswing too. And now the largest South Korean exchange Upbit launched a reward system for users who report such schemes.

Upbit has created the reward system for the platform users to report fraudulent ICOs and illegal scams posing as cryptocurrencies. The aim of such a campaign is to “prevent damage due to illegal fraud and to create a sound cryptocurrency ecosystem”. The exchange asks all of its users to participate in the program in order to fish out the scammers and clean up the stage for the real ICOs to shine.

The reward program has been launched just recently and is already providing the results, confirming that it indeed works. At this time, more than 20 cases of fraud were reported to the police.

If several witnesses or victims report the same ICO or currency offering, then the cash award will go to the first reporter of the illegal case. The reward Upbit pays for the original compliant is 1 million won, which is approximately $930. A good incentive for a good cause, you may say. The campaign on Upbit will be held for a year, ending in March 2019.

And yesterday, Upbit's rival exchange Bithumb has started to distribute brochures with the information about common scam schemes and how to prevent the damage from them in easy to understand format, aimed at common user base.

UpBit to Compensate Possible USDT Losses in USD

South Korean cryptoexchange made an unexpected statement
07 February 2018   1380

South Korean crypto-exchange Upbit promised users to compensate to the full extent their possible losses in the event of the collapse of Tether and USDT. This is reported by Etoday ko.

We are aware of various suspicions about Tether. We compensate the entire amount to customers who have deposits in USDT on our exchange, in case of problems.

UpBit Team

Previously, users have repeatedly expressed doubts that Tether has the necessary amount of deposits in real US dollars to provide all the released tokens USDT.

At the moment of press, only 0.26% of whole Tether volume is being trade at Upbit. 

These are main USDT market parameters:

  • Average price: $1.01
  • Market Cap: $2 232 239 542 
  • 24h Volume: $5 161 760 000 

Few weaks ago, famous economist Dr. Doom accused Tether in recent Bitcoin price dump.