ICC is hosting every year a relatively big money (2,000 Euros [$3,400] first) online blitz (3 0 time control) event named Dos Hermanas. For the second year running, an untitled player won in what must be considered a gigantic upset against numerous GMs.
But as I understand it, the matches are not proctored. Last year (2007) proctors were present for the finals in selected cases (as a hubbub over the impending upset grew - GM Ian Nepomniatchi was screaming foul), but not in 2008. Wouldn’t it be better to either proctor the match or use webcams? This to me in any event marketed so heavily should be absolutely required. Otherwise there will always be a cloud over the ‘winners’. There are so many easy ways to cheat in this event.
IM Mark Ginsburg's blog gives a strong opinion on the subject