A major South Korean exchange, Upbit, has paid six people for reporting fraudulent crypto-related schemes.
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Upbit Paid Users for Reporting Fraud
One of South Korea’s largest cryptocurrency exchanges, the Kakao Corp-backed Upbit, has paid six individuals for reporting fraudulent crypto-related schemes.
The exchange implemented a bounty system in March to reward users for identifying fraudulent schemes related to cryptocurrencies.
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A major South Korean exchange, Upbit, has paid six people for reporting fraudulent crypto-related schemes. Ten cases were reported to the exchange and six of them were selected. Upbit also recently partnered with Thomson Reuters to operate a system to support transparent crypto transactions.
Most breaches involved failures in customer due diligence and identity verification processes. The action coincides with reports of a potential majority acquisition by Mirae Asset. The case reinforces stricter regulatory expectations across South Korea’s crypto sector.
According to reports, Mirae Asset Group is in advanced talks to buy Korbit, South Korea’s long-running crypto exchange, in a deal valued at about 100 billion to 140 billion won — roughly $70 million to $100 million.
Hyundai Group’s Seoul offices were evacuated after an email threatened explosions unless a Bitcoin ransom was paid, authorities and media reports said. Related Reading: Hoskinson Warns Trump’s Crypto Push Could Backfire On The Industry The message demanded 13 Bitcoin — roughly $1.
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‘Pay 13 Bitcoin or We Blow It Up’: Hyundai Bomb Threat Shakes South Korean Offices
Hyundai Group evacuated staff from two Seoul offices after receiving a bomb threat email demanding bitcoin.
South Korea boasts one of the most reliable crypto audiences in the world. But when it comes to actually sticking around on-chain, that attention drops off fast.