Scammers escape discovery by utilising black market identities
A blockchain security company by the name of CertiK discovered the startling revelation that persons who commit bitcoin fraud have access to a "cheap and easy" black market of individuals who are willing to put their name and face on fraudulent projects for the modest price of $8. The identities of these KYC players might also be used by criminals to register bank accounts or exchange accounts in their own names, which is another possibility.
Researchers from CertiK discovered over 20 underground marketplaces that hire KYC actors for as little as $8 for basic "gigs." These "gigs" include meeting the KYC criteria "to open a bank or exchange account from a developing country." You may access these marketplaces via Telegram, Discord, smartphone applications, and websites that specialize in gigs.
CertiK made the observation that the majority of performers appear to be exploited because they live in developing countries "with an above-average concentration in South-East Asia" and are paid between $20 and $30 for each role that they play. Additionally, CertiK noted that the majority of these performers live in South-East Asia.
CertiK has issued a warning that more than 40 websites that claim to analyze cryptocurrency projects and award "KYC badges" are "useless" due to the fact that their services are "too superficial to detect fraud or simply too amateurish to detect insider threats." CertiK believes that this is the case because the websites are "too superficial to detect fraud or simply too amateurish to detect insider threats."
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