Bithumb Offers Up to 300 Million KRW Reward for Reporting Employee Corruption

by Cha Minyoung

Published 08 Jul.2024 08:46(KST)

Operation of Unfair Trade Reporting Reward System... Available via Phone and Email

Bithumb Offers Up to 300 Million KRW Reward for Reporting Employee Corruption

Virtual asset exchange Bithumb announced that it will operate a 'Unfair Trading Reporting Reward Program' related to virtual assets starting from the 8th.

Bithumb's Unfair Trading Reporting Reward Program is a system introduced to prevent unethical and illegal acts by executives and employees ahead of the enforcement of the Virtual Asset User Protection Act on the 19th. Although Bithumb has already been operating reporting channels related to transaction support and virtual asset fraud, it decided to introduce a reward system to respond more strictly and effectively to unfair trading activities.

Unfair trading reportable acts include Bithumb executives and employees △demanding compensation based on transaction support △leaking or using undisclosed important information △directly or indirectly participating in unfair trading acts such as price manipulation △receiving money, entertainment, or conveniences from interested parties △improperly using company assets and information or gaining unfair benefits by utilizing them.

The reward amount can be up to 300 million KRW. Payment is decided comprehensively based on the confirmation of the report contents, such as when internal disciplinary action is taken by Bithumb or when the report is confirmed as true by the court. Reports can be made through the emergency incident reception representative phone number and email.

Lee Jaewon, CEO of Bithumb, said, “Ahead of the enforcement of the Virtual Asset User Protection Act, we intend to actively respond to prevent unfair trading to establish a sound market order,” and added, “Bithumb will do its best to strengthen internal controls and raise ethical awareness among executives and employees.”

Meanwhile, Bithumb executives and employees held a 'Virtual Asset User Protection Pledge Ceremony' on July 1 to comply with the Virtual Asset User Protection Act and eradicate unfair trading.