A blockchain security company called CertiK has uncovered the startling revelation that people who commit bitcoin fraud have access to a “cheap and easy” black market of people who are willing to put their names and faces on fraudulent projects for the sake of it. modest price of $8. . Criminals can also use the identities of these KYC players to register bank accounts or exchange accounts in their names, which is another possibility.

CertiK researchers uncovered more than 20 underground markets hiring KYC actors for as little as $8 for basic “gigs.” These “gigs” include meeting the KYC criteria “to open a developing country bank or exchange account.” You can access these marketplaces through Telegram, Discord, smartphone apps, and websites that specialize in concerts.

CertiK observed that most performers appear to be exploited because they live in developing countries “with an above-average concentration in Southeast Asia” and are paid $20-$30 for each role they play. . Additionally, CertiK noted that most of these artists live in Southeast Asia.

CertiK has issued a warning that more than 40 websites claiming to analyze cryptocurrency projects and award “KYC badges” are “useless” due to the fact that their services are “too shallow to detect fraud or simply too amateurish to detect insider threats.” “. CertiK believes this is the case because websites are “too shallow to spot fraud or just too amateurish to spot insider threats.”

In October, Mastercard announced that it will launch a new solution for fraud identification and prevention. This new solution uses both artificial intelligence and data stored in blockchains.

There is a widespread misunderstanding that the transparent nature of blockchain transactions makes it easy for criminals to hide the flow of money. This is not the case. On the other hand, the opposite is actually the case.

The French law enforcement agency was able to identify five people and bring them to justice for stealing non-fungible tokens (NFTs) through a phishing scam. This was possible thanks to the use of on-chain analysis.