Trading Crypto with a Fake ID is as cheap as $200
Getting verified to trade on a cryptocurrency exchange platform is usually an involving task, especially for law abiding cryptocurrency users. They're usually required to give lots of personal information. These may include; home addresses, government docume and even their photographs. Now, for those users in the other world ( criminals), it's very cheap using a fake id.
Using a fake id to trade Crypto
For a little as $150 on the black market, they can get a verified account in somebody's name. This is possible on numerous exchange platforms like Coinbase Pro, Binance US, or any other platform.
To put things in black and white, "verified" does not mean legitimate. Underground operators create these accounts with other people's details, tricking the platforms into verifying them. They then end up advertising these accounts for sale on dark web forums. Furthermore, apart from crypto exchanges, these vendors also offer fraudulently created accounts. These are mainly used with mainstream payment providers like Square’s Cash App and Transferwise.
CoinDesk had an interview with one such operator who told them ; “We are producing from 1,500 to 2,000 synthetic verified accounts each month." According to the unidentified individual, this service has multiple employees and even departments. Additionally, it has no shortage of competitors.
Below is a screenshot of a post advertising accounts for sale on Ver.sc.
Most of these vendors are usually trafficking in sensitive information about people. The saddening part of the story is that the individuals aren't even aware that their details are on the accounts. Again, this shows how people who for reasons best known to them easily skip these industry's vetting process.
Now, while it’s very difficult to gauge the size of this market these vendors don’t typically publicize their revenue. After all– you don't need rocket science to understand that it's flourishing.
Black markets, as we've written several times on Noirdotnews, thrive on the dark web. It is accessible through the unclear Tor browser and even the surface web. Most people are still unaware of the Tor browser. The surface web however is the part of the internet most of us browse every day.
On most dark web forums, one can easily get verified accounts for use on a diverse range of Crypto exchanges. From peer-to-peer trading platform. Localbitcoins to professional trading venue Coinbase. Pro to mainstream payment services CashApp, Transferwise and Revolut.
Prices, ranging from $150 to $500, are disclosed to a prospective buyer in a personal chat or posted on a price list. To buy an account, one needs to get in touch with a vendor (often via Telegram), pay in crypto (usually bitcoin) and get the requested account data. It's just that cheap.
At times, you find that the account was originally registered by rightful owners of the details but along the way, it was hacked. When you buy such an account, a time will come when the rightful owner will realize something fishy and raise an alarm. Sometimes, vendors can create accounts using details obtained through dubious ways. Also, users can just register accounts in their own names and turn them over to vendors to take them to the market.
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