As per a report by CertiK, scammers have been purchasing cheap identities of real people from the black market to put names and faces on fishy projects to make them look legitimate. The main aim for the fraudsters is to dodge regulatory requirements to begin projects that expose people to financial risks.
Crypto scammers have devised new ways to utilise the black market in order to get the best out of unsuspecting crypto investors. As per a report by CertiK, scammers have been purchasing cheap identities of real people from the black market to put names and faces on fishy projects to make them look legitimate. The price to buy this fraudulent identity is as low as $8 (roughly Rs. 650). CertiK has described these scammers as ‘professional KYC actors‘. Later, these people are known to abandon projects making them look like an ‘insider hack‘ or ‘exit scam‘.
These identities sourced from the dark web are also used to register for bank accounts on behalf of the scammers.
