Yes, this is important and it needs to be said.
Lately, people are seeing KYC as a totally normal thing but don't realize that it is really dangerous and also in most cases, shouldn't even be required.
Because of this, I have mostly moved away from ICO investing since the vast majority of them require KYC nowadays.
Unless the company is in a jurisdiction that would specifically require it, KYC is totally uneccesary.
In fact, it is just a borrowed idea over from the banking sector.
There are very few countries with regulations that would require for something like having the IDs of people who contributed.
This shows that the vast majority of ICOs are too lazy to look into legal matters or compliance or have a terrible legal team.
How is it that I can just do simple quick research and get clarity on these issues and these companies don't have a clue?
Protect yourself, and don't give out your ID and personal information to strangers online.
Topic: Be careful submitting your information(KYC) to random ICOS - page 3. (Read 291 times)
I take part in many ICOs, and bounties. Recently I have noticed a trend where even tiny unknown coins are requiring purchasers and bounty participants to submit their personal info before they receive or unlock their coins. In some cases they do not even mention this until after buying. This can be very dangerous. I can see in the future, criminals could easily run a fake ICO just for the purpose of collecting the information about bitcoin and crypto users.
What could they do with this information?
Anything can happen: from simple selling user data to various companies...all the way to planning home-invasions on users. Your personal data is not something to just throw around to any shady ICO that asks for it. Especially in the crypto world, we have a lot of users that control huge amounts of wealth, untraceable wealth, and often they keep it stored inside their homes. Think of what could happen if a criminal organization gets a list of 100s of people that store more than $100,000 cash in their house....what do you think the outcome of that would be?
I feel unhappy about this issue. I also have concerns about personal information and safety for myself. So I opposed KYC. What could they do with this information?
Anything can happen: from simple selling user data to various companies...all the way to planning home-invasions on users. Your personal data is not something to just throw around to any shady ICO that asks for it. Especially in the crypto world, we have a lot of users that control huge amounts of wealth, untraceable wealth, and often they keep it stored inside their homes. Think of what could happen if a criminal organization gets a list of 100s of people that store more than $100,000 cash in their house....what do you think the outcome of that would be?
There are already a bunch of millions if ICO related data for sale in dark market. They are providing passports, SSN and other infos for money. Don't know if any ICO sold it out intentionally or was a data breach, in anyway the investors are at risk.
I take part in many ICOs, and bounties. Recently I have noticed a trend where even tiny unknown coins are requiring purchasers and bounty participants to submit their personal info before they receive or unlock their coins. In some cases they do not even mention this until after buying. This can be very dangerous. I can see in the future, criminals could easily run a fake ICO just for the purpose of collecting the information about bitcoin and crypto users.
What could they do with this information?
Anything can happen: from simple selling user data to various companies...all the way to planning home-invasions on users. Your personal data is not something to just throw around to any shady ICO that asks for it. Especially in the crypto world, we have a lot of users that control huge amounts of wealth, untraceable wealth, and often they keep it stored inside their homes. Think of what could happen if a criminal organization gets a list of 100s of people that store more than $100,000 cash in their house....what do you think the outcome of that would be?
you're right. It's dangerous to submit all of our personal document to icos. many of them are scammers and they will love these personal info.What could they do with this information?
Anything can happen: from simple selling user data to various companies...all the way to planning home-invasions on users. Your personal data is not something to just throw around to any shady ICO that asks for it. Especially in the crypto world, we have a lot of users that control huge amounts of wealth, untraceable wealth, and often they keep it stored inside their homes. Think of what could happen if a criminal organization gets a list of 100s of people that store more than $100,000 cash in their house....what do you think the outcome of that would be?
We can't know what will they do with out document.
that same as facebook use our data to make money for them
I take part in many ICOs, and bounties. Recently I have noticed a trend where even tiny unknown coins are requiring purchasers and bounty participants to submit their personal info before they receive or unlock their coins. In some cases they do not even mention this until after buying. This can be very dangerous. I can see in the future, criminals could easily run a fake ICO just for the purpose of collecting the information about bitcoin and crypto users.
What could they do with this information?
Anything can happen: from simple selling user data to various companies...all the way to planning home-invasions on users. Your personal data is not something to just throw around to any shady ICO that asks for it. Especially in the crypto world, we have a lot of users that control huge amounts of wealth, untraceable wealth, and often they keep it stored inside their homes. Think of what could happen if a criminal organization gets a list of 100s of people that store more than $100,000 cash in their house....what do you think the outcome of that would be?
What could they do with this information?
Anything can happen: from simple selling user data to various companies...all the way to planning home-invasions on users. Your personal data is not something to just throw around to any shady ICO that asks for it. Especially in the crypto world, we have a lot of users that control huge amounts of wealth, untraceable wealth, and often they keep it stored inside their homes. Think of what could happen if a criminal organization gets a list of 100s of people that store more than $100,000 cash in their house....what do you think the outcome of that would be?
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