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Cryptocurrency scammers have accessed a cheap and easy black market of individuals looking to use their names and faces for fraudulent projects. All for the low price of $8, according to her CertiK, a blockchain security firm.
These individuals, described by CertiK as professional KYC actors, in some cases voluntarily become verified faces of cryptocurrency projects, building trust in the cryptocurrency community before insider hacking or exit fraud. Earn.
Other uses of these KYC actors include using identities to open bank and exchange accounts on behalf of malicious actors.
According to the November 17th blog PositionCertiK analysts found over 20 underground marketplaces hosted on Telegram, Discord, mobile apps, and gig websites to get KYC for as low as $8 for a simple gig like a pass We were able to recruit actors. KYC requirements “Opening a bank account or currency exchange account from a developing country”
More expensive jobs involve KYC actors putting their faces and names on fraudulent projects. “They are paid about $20 or $30 per role, making them seem exploitative.”
On the other hand, more complex requirements and verification processes may fetch even higher asking prices, especially if the KYC actor is a resident of a country considered low risk of money laundering.
Some roles paid up to $500 a week for attackers to play the role of the CEO of a malicious project, but according to CertiK, the KYC actor market is a market for bank and crypto exchange accounts that have already been KYCed. It was “small” compared to the market.
Converting cryptocurrencies to fiat currencies and vice versa is also cited as a significant percentage of the transactions seen in these markets, and CertiK has over 500,000 members with market sizes ranging from 4,000 to 300,000. We calculate that these are black market buyers and sellers.
Related: Horrifying Stats: $3 Billion Stolen In 2022 As Of ‘Hacktober’, Will Double By 2021
CertiK has over 40 websites veterinary crypto project Offering a “KYC badge” is “not worth it” because the service is “too superficial to detect fraud or simply too amateur to detect insider threats.”
They added that the teams behind these websites “lack the necessary ‘research methods, training and experience.'” used by scammers mislead the community and investors;
That said, the industry is working hard and gaining ground in the fight against crypto scammers. tool released In October, traditional financial giant Mastercard combined artificial intelligence with blockchain data to help detect and prevent fraud.
Contrary to popular belief, the open nature of blockchain transactions means it is difficult for fraudsters to hide the movement of funds. Another recent example is French authorities using on-chain analytics Find and claim 5 people who stole non-fungible tokens (NFTs) in a phishing scam.
