More than half a million cryptocurrency owners forged documents to pass KYC checks

According to analysts from blockchain security firm CertiK, more than 500,000 cryptocurrency owners have become buyers or sellers on KYC fake services. Experts have discovered an underground market for passing checks, where so-called KYC actors work.

For $ 8, users fulfill orders related to identity verification on platforms, including the most popular: opening a bank account and registering an account on a stock exchange in a developing country.

If the contractor provides their photo and real name to advertise the scam project, they receive from $ 20 per job. In some cases, the actor can receive up to $ 500 per week, for example, when playing the role of the CEO of a fraudulent project.

CertiK analysts urged users to be careful and not to trust suspicious platforms. According to the latest estimates, more than 40 sites that claim to conduct a thorough check of crypto projects do not actually do so. Experts believe that the specialists who are supposed to scrutinize projects do not have enough experience, knowledge, and training.

CertiK also advised to be careful with fraudulent videos on YouTube, as the amount of content from hackers on the platform increased by 500% in 2022. The scam itself usually involves luring victims with the promise of daily earnings without any investment. Victims download the fake bot software provided in the description. The bot scans for unconfirmed large transactions and pays a higher commission for gas to ensure that its transaction is prioritized. Analysts emphasize that this is how the bot can manipulate market prices.