• 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

US Stock Exchanges Consider Move to 24/7 Trading

chest

US stock exchanges are considering a shift to 24/7 trading to provide continuous trading opportunities for investors, addressing concerns about after-hours market closures.

user avatarSon Min-ho

Concerns Over Market Integrity with 24-Hour Trading

chest

Experts express concerns about market integrity and volatility as 24-hour trading approaches.

user avatarJacob Williams

Bolton Criticizes Trump Administration Following Iran's Military Actions

chest

John Bolton criticizes the Trump administration for its lack of response after Iran shot down US warplanes, highlighting concerns about credibility and military strategy.

user avatarAndrew Smith

US Exchanges Consider 24-Hour Stock Trading

chest

US exchanges, including NYSE and Nasdaq, are considering a shift to 24-hour trading, aiming to provide investors with more access and flexibility, but raising concerns about market volatility.

user avatarZainab Kamara

SBI Launches XRP-Linked Retail Products to Attract Investors

chest

SBI Holdings has launched a JPY 100 billion security-token bond for retail investors, offering XRP benefits tied to subscriptions.

user avatarAyman Ben Youssef

Investment Landscape Transforms with ESG Integration

chest

In 2026, the investment landscape is transforming as ESG factors become integral to fiduciary duty and risk management, enhancing long-term growth and sustainability.

user avatarKofi Adjeman

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.