• 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

Galaxy Digital's Stock Drops Despite NYDFS Approval

chest

Galaxy Digital's stock fell nearly 6% despite receiving a BitLicense and Money Transmission License from NYDFS.

user avatarFilippo Romano

CLARITY Act Sections Could Unlock Banking Sector for Ripple

chest

Sections of the US Digital Asset CLARITY Act may significantly benefit Ripple and its stablecoin RLUSD.

user avatarTomas Novak

US Digital Asset CLARITY Act Could Transform XRP's Legal Status

chest

The US Digital Asset CLARITY Act is approaching potential enactment, which could redefine XRP's classification and regulatory oversight, impacting its future in the crypto market.

user avatarEmily Carter

White House Prepares Announcement on US Strategic Bitcoin Reserve

chest

The White House is preparing to announce the US Strategic Bitcoin Reserve, focusing on legal and operational aspects.

user avatarKaterina Papadopoulou

Bitcoin Set for Bullish Rally in Q4 2026, Says Analyst

chest

Aralez predicts a bullish turnaround for Bitcoin in Q4 2026, with prices potentially reaching $90,000 and above.

user avatarMaya Lundqvist

Dogecoin Enters Critical Cleanup Phase Ahead of Potential Breakout

chest

Market analysts suggest Dogecoin is entering a critical cleanup phase, potentially leading to a stronger breakout attempt.

user avatarLeo van der Veen

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.