Cryptocurrencies companies are ready to pay those who find scammers - Hitecher
Cryptocurrencies companies are ready to pay those who find scammers

Cryptocurrencies companies are ready to pay those who find scammers

by Evan Mcbride on

Сryptocurrencies news

Crypto-fraudsters steal several million dollars a day. Attackers use a variety of methods to trick gullible or reckless users: from fake ICO projects and fishing sites to the impact on cryptocurrency rates  using pump-and-dump schemes.

Large market players are interested that the cryptocurrency will not be associated with fraud, so they are ready to pay for information about fraudulent schemes and hacker attacks.

Binance

Scammers tried to artificially inflate the Viacoin (VIA) cryptocurrency exchange rate early in March and after that incident Binance’s crypto-exchange set a $ 250,000 reward for information that would help find intruders. Having access to other accounts, hackers began buying up VIA, and the daily trading volume rose from $ 1-4 million to $ 250 million. The company’s employees noticed an abnormal growth in the popularity of VIA and suspended the withdrawal of funds. Binance states in the official report that the exchange was not hacked, and user data was most likely intercepted using fishing sites.

Binance has set up a special fund to encourage informants about any fraudulent activity associated with the exchange. $ 10 million was allocated in the BNB tokens for the awards payments.

Changpeng Zhao, the head of Binance approves the ban on cryptographic advertising in Google, Facebook and Twitter, as this will help to avoid the spread of fishing links. Credible information about honest cryptocurrency companies can be obtained from official sources.

Upbit

South Korean crypto-exchange Upbit launched an experiment to identify scam projects and fraudulent schemes. This year Upbit will pay 1 million won, or $ 930 to anyone who provides information about any intruders in the cryptocurrency segment. The creators of the exchange are concerned about the number of scam projects and are trying to create a healthy crypto-exchange ecosystem.

CFTC

The Commodity Futures Trading Commission of the United States (CFTC) decided to encourage providing information on pump-and-dump schemes as early as January 2018. Anyone who helps to disclose fraud worth more than $ 1 million, will receive from 10 to 30% of the saved funds.

Representatives of the commission note that users should not be guided by sharp surges in prices and trust investment advice from unverified sources.

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