• 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

4 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

Robinhood Expands into Stablecoin Yield with New Earn Structure

chest

Robinhood has launched a new Earn structure offering a 7% APY tied to USDG, entering the stablecoin yield market to attract users and enhance engagement.

user avatarMiguel Rodriguez

MEXC Reports Surge in Demand for SpaceX-linked Derivative Products

chest

MEXC reports a significant increase in trading demand for its derivative products linked to SpaceX, highlighting a trend in crypto exchanges offering synthetic exposure to private assets.

user avatarLuis Flores

Dave Portnoy Reveals Major Losses in Bitcoin Trading

chest

Barstool Sports founder Dave Portnoy reveals significant losses in Bitcoin trading, expressing regrets over his investment decisions.

user avatarArif Mukhtar

SEC Reports Stronger Capital-Raising Environment for Q2 2026

chest

The SEC's latest market statistics update indicates a stronger capital-raising environment for Q2 2026, highlighting increased IPO proceeds and its significance for crypto companies.

user avatarMaria Gutierrez

Farage's Financial Connections to Donor Questioned Amid Lobbying Claims

chest

The investigation into Nigel Farage's lobbying activities reveals his financial ties to billionaire Christopher Harborne, raising concerns about potential conflicts of interest due to a significant undeclared gift before the July 2024 general election.

user avatarZainab Kamara

New Analysis Created Utilizing SEC Data

chest

The report is based on information sourced from the SEC, providing stakeholders with accurate financial insights.

user avatarAndrew Smith

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.