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Program for self-policing of cryptocurrency industry is launched

Program for self-policing of cryptocurrency industry is launched


ECoinmerce announced the formation of the Crypto Community Watch program. The crypto monitoring program provides an anonymous tip line and reward mechanism to empower whistleblowers and investigate cryptocurrency scammers and hackers.

Founded in 2018, ECoinmerce is creating the world’s first decentralized E-commerce marketplace.

The Crypto Community Watch program is created by a consortium of industry players including ECoinmerce, ICO Alert, GZH, Step VC, and NewEconomies. 

The primary goal of the Crypto Community Watch program is to create a community that punishes the bad actors in the space. It rewards those brave enough to stand up for what is right.

According to the announcement, the group has a reward pool of 100 Bitcoins is held in escrow wallet for whistleblowers. Anyone with information on fraudulent or illegal activity within the blockchain and cryptocurrency industry can use the anonymous online form to submit their tip and Bitcoin wallet address. The whistleblower will receive a part of the reward pool if the information leads directly to the arrest or legal punishment of the wrongdoer. All anonymous tips will be publicly available on the program’s website.

According to Crypto Community Watch program, the reward pool balance is available at Blockexplorer.

Below is the snip from blockexplorer.com
PC: snip from https://blockexplorer.com/address/3LsmQHS3fPBUpDm8bU3fRtyZEjyLstWCVn

ECoinmerce COO Rex Chen, said, “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. 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.”

PC:pablo,unsplash

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional & Fintech, Cloud, IoT, and Blockchain enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about Fintech, Cloud, IoT, AI and Blockchain, and the effects they will have economically and socially in the future.

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