• 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

2 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

Share

Other news

SHIB and XRP: Price Predictions and BlockDAG News

Overview of current trends in the crypto market, including price forecasts for SHIB, XRP news, and BlockDAG successes.

user avatarGiorgi Kostiuk

9 minutes ago

Apple Aims for AR Glasses Release Before Meta in 2026

Apple is preparing to launch AR glasses with a custom chip, targeting the market ahead of Meta.

user avatarGiorgi Kostiuk

9 minutes ago

Artificial Intelligence in DApps: A New Wave in the Web3 Ecosystem

Artificial Intelligence in DApps is gaining popularity and may soon compete with gaming platforms and DeFi.

user avatarGiorgi Kostiuk

11 minutes ago

Impact of Trump’s Crypto Policy on Wealthy Tax Plans

Trump focuses on cryptocurrency support while avoiding tax hikes for wealthy individuals.

user avatarGiorgi Kostiuk

11 minutes ago

Bitcoin ETFs Set Record with $40.62 Billion Inflows

Bitcoin ETFs have reached a cumulative inflow of $40.62 billion, highlighting the growing popularity of cryptocurrency among institutional investors.

user avatarGiorgi Kostiuk

12 minutes ago

New Meme Coins: Arctic Pablo Coin in the Spotlight

Overview of new meme coins Arctic Pablo Coin, Daddy Tate, and Zerebro: their current status and potential in the market.

user avatarGiorgi Kostiuk

30 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.