• 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

Integration of Tax Software with Financial Applications

chest

Integration of tax software with core business applications is transforming tax preparation into a seamless process, ensuring consistency and reducing audit exposure.

user avatarGustavo Mendoza

The Shift to Automated Tax Preparation

chest

High-earning self-employed individuals and small business owners are increasingly adopting automated tax preparation systems to enhance efficiency and reduce errors.

user avatarMiguel Rodriguez

UK Supreme Court Dismisses 13B BSV Delisting Lawsuit

chest

The UK Supreme Court has dismissed a significant lawsuit concerning the delisting of the BSV token, clarifying legal boundaries for cryptocurrency exchanges.

user avatarRajesh Kumar

The True Cost of User Acquisition in Web3

chest

A new report reveals that the true cost of acquiring verified users in Web3 is significantly higher than previously reported, with many projects miscounting their user metrics.

user avatarMaria Gutierrez

Web3 User Metrics Reveal Alarming Verification Gap

chest

A recent analysis by Web3Quest reveals that up to 70% of reported Web3 users are bots or fake accounts, highlighting the urgent need for real user verification.

user avatarArif Mukhtar

Tesla Hits $15 Trillion Market Cap Amid Robotaxi Buzz

chest

Tesla has reached a remarkable milestone, crossing a $15 trillion market cap today, fueled by excitement surrounding the company's Robotaxi program.

user avatarDavid Robinson

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.