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Crypto Scammers Can Use ‘Professional KYC Actors’ to Avoid Getting Caught

Crypto Scammers Can Use ‘Professional KYC Actors’ to Avoid Getting Caught
Crypto scammers and hackers may have found a new, easy way to avoid getting caught. CertiK, a blockchain security expert, unveiled a group of KYC actors for hire that rogue developers can use to scam crypto communities.

Over the years, scammers have had to become more creative to avoid detection. Many illicit activities have evolved, from giveaway crypto scams to romance/online dating scams. 

The Better Business Bureau (BBB) Scam Tracker showed that cryptocurrency  scams  rose from the seventh riskiest type of fraud in 2020 to the second most dangerous in 2021.

Seeing such illicit activities, many crypto exchanges such as Binance and Coinbase to other crypto-related platforms mandated Know-Your-Customer (KYC) measures. But it looks like scammers have also found a way around this. 

KYC actors playing for the bad guys

Blockchain security company CertiK has  raised  red flags over “professional KYC actors” used by developers to bypass regular verifications.

In this scheme, a KYC actor is hired explicitly to KYC on behalf of rogue project owners looking to gain trust in the crypto community before an insider hack or an exit scam.

CertiK has unveiled an underground ring of KYC actors for hire, used by rogue developers to scam #Web3 communities. From our conversation with a KYC actor, to our deep-dive investigation into their underground world.. The dark side of #KYC 
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