• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Fraudsters use front man services to bypass KYC

Fraudsters use front man services to bypass KYC

user avatar

by dapp_writer005

3 years ago


According to information, provided by blockchain security company CertiK, scammers are increasingly using front men when launching cryptocurrency projects. Fraudsters find them on the darknet website, in various closed Telegram channels, Discord and in underground markets. The cost of this service is only $8. The price can go up to $20-30 if user verification is required.

There is nothing surprising in the fact that scammers use the services of figureheads, because the profit from various schemes with digital currencies can be millions of dollars. CertiK experts stated that the cost of the verification service may vary. It all depends on the nationality of the figurehead. In a country where the level of risk of money laundering is lower, the price of verification will be higher.

Fraudulent startups may hire front men for the CEO role. But the price for this service will be much higher. Approximately $500 per week. Also, on the expanses of the darknet, they often use the exchange of cryptocurrencies for fiat money. 

Earlier, information came out that BNB Chain is most often used to launch fraudulent crypto projects. This year, the number of such projects in all blockchains has exceeded 100,000.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Tornado Cash Processes $25 Billion Despite Regulatory Challenges

chest

Tornado Cash, a cryptocurrency mixer, processed approximately $25 billion worth of Ethereum tokens in 2025, despite being under regulatory sanctions until March 2025.

user avatarTenzin Dorje

Legal Challenges Persist for Tornado Cash Founders

chest

The founders of Tornado Cash are facing legal challenges, with one founder sentenced to prison and another awaiting sentencing.

user avatarBayarjavkhlan Ganbaatar

India's Tax Authorities Raise Concerns Over Crypto Transactions

chest

Indian tax officials express concerns about the challenges in taxing cryptocurrency transactions due to their anonymity and borderless nature.

user avatarMohamed Farouk

Solana Surpasses $8 Billion in Open Interest

chest

Solana's open interest has crossed the $8 billion mark, indicating increased trader activity and risk appetite.

user avatarDiego Alvarez

Binance Achieves Key Regulatory Milestone with ADGM Authorization

chest

Binance has achieved full authorization from the ADGM's Financial Services Regulatory Authority, enhancing its regulatory compliance and boosting investor confidence in the global crypto market.

user avatarElias Mukuru

Google's UCP Set to Enhance Consumer Experience with AI Integration

chest

Google is set to integrate the Universal Commerce Protocol (UCP) into its consumer-facing products, enhancing the shopping experience with AI-powered recommendations and direct checkout.

user avatarMaria Fernandez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.