One of the main issues that a lot of people have when it comes to the initial coin offering (ICO) sector is the vast number of scandals that have been around since it first became popular last year.
It seemed like every day there was a new story in the media outlets which talked about the latest fraud to have hit the scene. There was a variety of reasons why this was such a prominent issue.
For one, there was little to no regulations in place or oversight because the authorities had been caught out unawares. Investor’s themselves did not really know too much about the sector and often times did not see the warning signs of a project that should be avoided due to being suspicious.
There were also large sums of capital being injected into token sales, which made it lucrative for scammers to get involved.
Thankfully, over the past year or so, the regulators have started to get a handle on the sector and investors have wizened up a lot.
Interestingly, a group of vigilantes have come together and have started to offer bounties to those whistle-blowers who expose fraudulent projects.
What are the details about this new bounty campaign?
A group has come together in order to provide a bounty of bitcoin for those people who whistle blow or offer tips on hackers, potential frauds and similar issues.
They have called themselves the Crypto Community Watch and they have a reward pool of 100 bitcoin to offer as an incentive. There is a website that will allow people to send their tips anonymously along with their crypto wallet.
These leads will in turn be investigated by members of the team and if there is a case to be made, the relevant documents and details will be given to the respective law enforcement agency that has jurisdiction over the matter.
This isn’t the first time a group of this kind has been formed within the crypto community. It was at the start of 2018 that a group called the Crypto Watchdogs came to the fore, made up of disgruntled investors of BitConnect. Their aim was to track down those chief promotors of the multi-level marketing scheme that was Bitconnect, as they defrauded tens of millions of dollars from investors.