• 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

Significant Crypto Holdings Among COVID Debt Relief Recipients

chest

The recent audit in South Korea revealed that many borrowers who received substantial COVID-19 debt relief also held significant amounts of cryptocurrency.

user avatarLi Weicheng

Audit Reveals COVID Debt Relief Benefited Wealthy Borrowers in South Korea

chest

A recent audit in South Korea revealed that COVID-19 debt relief programs disproportionately benefited wealthy borrowers with significant cryptocurrency holdings.

user avatarAisha Farooq

Hamster Kombat Daily Cipher Attracts Thousands with Morse Code Puzzles.

chest

The Hamster Kombat Daily Cipher has become a popular event in the P2E gaming community, attracting thousands of users to decode Morse code messages for rewards.

user avatarLeo van der Veen

Exciting Launch of Dropee Daily Combo Set for December 15, 2025

chest

The Dropee Daily Combo is launching on December 15, 2025, offering gamers a chance to win daily rewards and prizes through a unique code system.

user avatarTenzin Dorje

Bittensor's First Halving Event Set to Impact TAO Token Supply

chest

Bittensor's first halving event on December 14-15, 2025, will reduce daily TAO token emissions from 7,200 to 3,600, potentially increasing its market value.

user avatarBayarjavkhlan Ganbaatar

CryptoQuant Advocates Holding Positions Amid Market Uncertainty

chest

CryptoQuant's CEO Ju Kiyoung emphasizes the importance of holding positions in uncertain crypto markets, supported by the new Analyst Consensus Index.

user avatarMohamed Farouk

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.