ordinary lives, stolen ids, ₹170 cr crypto fraud; avoid kyc like covid

[IIrik11]

just saw this report on toi and this is as serious as it can get n maybe we shud all remember to avoid kyc as much as possible  ..read this:

The income tax department in Hyderabad has unearthed a significant cryptocurrency trading scheme involving identity theft. Investigations revealed that unsuspecting citizens, including farmers and delivery workers, had their identities used for crypto trades totaling Rs 170 crore.

One of the most startling discoveries came from Mirdodi in Siddipet district in Telangana. Investigators expected to meet a high-roller investor who had allegedly purchased cryptocurrency worth Rs 9.5 crore via Binance.Instead, they found S Narasimha, a farmer working in his paddy field, completely unaware that his name had been linked to such a massive trade.

Similarly, a food delivery boy, Shiva Pamula from Khammam rural mandal, was shown to have carried out trades worth Rs 8.5 crore, despite working for a delivery platform and having no means to make such investments.
Investigators now suspect a larger identity theft racket, where PAN cards and personal details of ordinary individuals are being used to mask high-value crypto trades.

source: https://timesofindia.indiatimes.com/city/hyderabad/crypto-racket-probe-unearths-rs-170cr-trades-in-names-of-farmers-delivery-boy/articleshow/124131385.cms

govt. forces kyc compliance everywhere; institutions, banks, schools, colleges, u name it..

without realizing that a single mistake in handling these documents can ruin lives

a hack, a rogue employee or sheer incompetence in securing records is enough to drag innocent ppl into massive unwanted trouble 

[Bitcoin Smith]

We don't have the appropriate laws that protect users data like in the developed countries and I said this a few times already, we give our Aadhaar details to everywhere and there is no regulating body oversee those maintaining records or who are allowed to collect those data and even the telecom providers are leaking out every information so to change this we need a change in the laws.

And also this proves that centralized banking is not great either when it comes to tracking because the scammer used fake details but he has to route payments somehow which is where they can track the real one but instead out police will just issue an order and freeze all the accounts which again leave more innocent to be left as victims.

[Cointikka]

The worst part here is that innocent citizens were trapped, and their identities were used to fuel some sort of big deals to avoid taxes and IT surveillance. India lacks a privacy law, and surprisingly, every time the government plans to come up with this law, either the opposition or the free internet NGO's come up with issues with the law. I don't think that we, as citizens of this country, will expect a concrete law to stop such crime from the government for the next two or three years. Binance does track the IP address of every Indian who uses their platform in India. The agencies will be able to apprehend the culprits behind this crime, but in the meantime, these innocent individuals whose names have popped up will be harassed by the agencies.

[MystPhysX]

Doesn't Binance have video KYC as part of the process. They refused my account multiple times even with all my stupid information and my face, so I don't understand how stolen identities were used to open accounts and trade.

Maybe an insider?

[Bitcoin Smith]

Doesn't Binance have video KYC as part of the process. They refused my account multiple times even with all my stupid information and my face, so I don't understand how stolen identities were used to open accounts and trade.

Maybe an insider?

There was something called deep fake was used to bypass the live video verification and with the new era AI, then it must be easier than before but exchanges also trying to verify the suspicious accounts manually so those are some lucky users managed to do the perfect verification.

While most of the others just buy the Binance account that may be hacked or even purchased from the rightful owner because there are 1.4 billion and not everyone really cares about their identity used by others as long as they pay some money to them.

[MystPhysX]

There was something called deep fake was used to bypass the live video verification and with the new era AI, then it must be easier than before but exchanges also trying to verify the suspicious accounts manually so those are some lucky users managed to do the perfect verification.

While most of the others just buy the Binance account that may be hacked or even purchased from the rightful owner because there are 1.4 billion and not everyone really cares about their identity used by others as long as they pay some money to them.

Deepfakes had completely slipped my mind, good shout.

Though for the second point you brought up that's more like identity fraud than theft.