Famed cryptocurrency exchange house from South Korea, Upbit has rewarded six people for reporting illegal crypto related schemes. The bounty hunting program discovered ten different valid cases and among which six were chosen for reward money.

This certainly is a proven way to identify illegal scams related to cryptocurrencies. The program was launched in the month of March this year and mainly focusing on discovering such loopholes in the system.

As per statements published from Upbit,

“Since the implementation of the system, a total of 10 cases have been received and 6 of them have been selected. On June 6, we sent a reward of KRW 1 million with appreciation to the applicants.”

Although the program didn’t have documented procedure, the company decided to pay the reporting agency regardlessly. This way it will create awareness among the people for a healthy environment and free from crypto scams.

Apart from bounty programs, Kakao Corp-backed company is launching a system called World-Check in collaboration with Thomas Reuters, a multinational mass media organization

The primary intention of this system is to boost KYC(Know Your Customer) details and aid in transparent cryptocurrency transactions. The company elaborated on its site,

The trusted and accurate source of risk intelligence made available to help you meet your regulatory obligations, make informed decisions, and help prevent your business from inadvertently being used to launder the proceeds of crime or association with corrupt business practices,

Operationally the system is meant to monitor the high-risk profile involved in illegal activities and terminate them immediately. Also, the company says that regular checks on World-Check database for criminal records help them in identifying money laundering and terror financing activities.

What do you think of this movement by Upbit? Let us know your thoughts in the comment below.