SINGAPORE, Aug. 20, 2018 (GLOBE NEWSWIRE) -- ECoinmerce, the world’s first decentralized and tokenized E-commerce marketplace, today announces the formation of the Crypto Community Watch program, which provides an anonymous tip line and reward mechanism to empower whistleblowers and investigate cryptocurrency scammers and hackers.
The program was created by a consortium of industry players including ECoinmerce, ICO Alert, GZH, Step VC, and NewEconomies. The group’s goal is to create a community that punishes the bad actors in the space while rewarding those brave enough to stand up for what is right.
“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 ECoinmerce COO Rex Chen. “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.”
The group has provided a total of 100 Bitcoin, held in a third-party escrow wallet, to be used as a reward pool 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. If the information leads directly to the arrest or legal punishment of the wrongdoer, the whistleblower will receive a portion of the reward pool.
All submissions will be investigated by Crypto Community Watch members and sent to applicable law enforcement agencies when appropriate. To promote transparency and engagement from the community, all anonymous tips are publicly-available on the program’s website. The program urges other companies within the industry to create their own watchdog groups and encourage their communities to speak out against any crime or shady business practices that they may experience.
About ECoinmerce
Founded in 2018, ECoinmerce is creating the world’s first decentralized E-commerce marketplace. Headed by a strong team of experts from the E-commerce, supply chain and product development industries, ECoinmerce will revolutionize how product manufacturers, retailers, and consumers interact. To learn more, please visit ECoinmerce.io.