• 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

XRP Ledger's Resilience Under Attack Conditions Stressed by Analysts

chest

Analysts emphasize the XRP Ledger's ability to withstand extreme conditions and attacks, making it a reliable choice for financial infrastructure.

user avatarMiguel Rodriguez

XRP Ledger Introduces Proposal to Combat Flash Loan Attacks

chest

The XRP Ledger has introduced a new proposal aimed at mitigating the risks associated with flash loan attacks, enhancing the security of the network as DeFi applications grow.

user avatarLuis Flores

Massive Off-Exchange Sale of BlackRock's Bitcoin ETF

chest

A significant block trade involving BlackRock's IBIT ETF indicates a large holder's urgent exit from a concentrated Bitcoin position.

user avatarArif Mukhtar

India Remains the Global Leader in Cryptocurrency Adoption

chest

India remains the global leader in cryptocurrency adoption for the third consecutive year, with a market projected to grow to $1.421 trillion by 2034.

user avatarMaria Gutierrez

Coinbase Introduces Direct INR Banking Rails in India

chest

Coinbase has launched direct banking rails for INR in India, allowing users to trade directly in rupees without intermediaries.

user avatarDavid Robinson

Claver Highlights Importance of Stablecoin Regulation and Institutional Adoption

chest

Claver highlights the importance of stablecoin regulation and its potential impact on institutional adoption and the cryptocurrency market.

user avatarAndrew Smith

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.