• 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

Broader Repercussions of JPEX Collapse on Cryptocurrency Sector

chest

The collapse of JPEX has led to significant changes in Hong Kong's cryptocurrency sector and public sentiment.

user avatarAisha Farooq

Charges Filed Against JPEX Influencers and Arrests Made

chest

A group of social media influencers faces multiple charges related to the JPEX cryptocurrency fraud, with several arrests made.

user avatarTenzin Dorje

JPEX Fraud Case Adjourned Until March 2024

chest

Prosecutors in the JPEX fraud case in Hong Kong have received permission to adjourn the case until March 2024 to organize case files.

user avatarBayarjavkhlan Ganbaatar

Stablecoins Drive Demand for US Treasury Bills

chest

Stablecoins are significantly impacting US Treasury markets by holding substantial amounts of Treasury bills, driving demand and potentially lowering borrowing costs.

user avatarMohamed Farouk

Optimism's Governance and Funding Structure.

chest

Optimism's governance structure separates economic power from technical decision-making, promoting ecosystem health.

user avatarElias Mukuru

Starmax Revolutionizes Loyalty Programs with Pi Integration

chest

Starmax is transforming customer loyalty programs by allowing merchants to create digital reward systems using Pi as both currency and reward, enhancing engagement and simplifying management.

user avatarMaria Fernandez

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.