As scams and fraud cases keep mounting up in the ICO sector, a number of industry leaders, have banded together and formed the Crypto Community Watch program. The group also pooled in together a 100 BTC reward for anonymous whistleblowers
100 BTC Whistleblower Reward for Anonymous Tippers
A list of important businesses which include names like Ecoinmerce, ICO Alert, GZH, Step VC, and New Economies have joined forces and established the Crypto Community Watch, a program which allows and incentivizes anonymous users to report any bad actors.
The group has collectively gathered 100 BTC which will be used as a reward pool for those that report on fraudulent or illegal activity, such as cases of scamming, hacking or fraud.
“From the recent exchange hacks to the nearly-weekly reports of fraudulent projects taking off with investors’ money, it’s clear that crypto has a problem,” said Rex Chen, COO of Ecoinmerce.
If someone wants to claim a reward, the activity they reported has to directly lead to the arrest or punishment of the offenders. If the information provided is proven to be of help in the culprit’s arrest, the whistle-blower will be rewarded with a portion from the BTC pool.
Users can report suspicious or illegal activity through an online form. All anonymous tips will be investigated by Crypto Community Watch members. The information will then be “sent to applicable law enforcement agencies when appropriate.” All submissions will be posted on the program’s website for public viewing.
The Crypto Community Watch conglomerate calls on other companies from the crypto space to establish similar organizations so that criminal activity is curbed and the protection of investors is ensured.
Chen also added that it was the industry and regulator’s responsibility to improve the security standards in this industry:
“Enough is enough. It’s up to the industry first and the regulators second to clean up the ecosystem. If you spend your time hacking, scamming, or intentionally misleading investors, your time is up.”