Written in Partnership with Amir Bakian
In the world of cryptocurrency, rug pulls, scams and hacks are all too common. Unfortunately, these events are often difficult to prevent or prosecute because of the anonymous nature of many crypto projects.
A rug pull is when a team abandons a project after raising funds, leaving investors empty-handed. Scams can take many forms, ranging from promises of unrealistic returns to fake news stories that pump up the price of a coin only to dump it on naïve investors. Hacks can also be devastating, resulting in the loss of millions of dollars worth of digital assets.
While there is no surefire way to protect against all rug pulls, scams, and hacks, investors can take a few steps to reduce their risk. For example, doing due diligence on a project before investing, being cautious of unsolicited offers or requests for personal information, and diversifying one’s portfolio across different types of assets can all help reduce exposure to these types of risks. In addition, assure DeFi takes things one step further by offering KYC verification for crypto project owners.
What sets Assure DeFi apart from other KYC platforms?
Assure DeFi is a Know Your Customer (KYC) platform that helps crypto project owners verify their identity and compliance with regulations. What makes Assure DeFi different from other KYC platforms is its focus on customer experience and its commitment to providing the highest level of security. With Assure DeFi, crypto project owners can quickly and easily verify their identity and compliance with regulations without worrying about the safety of their personal information. In addition, Assure DeFi offers several features that make it easier for crypto project owners to comply with KYC requirements, such as automated document selection and verification, multi-language support, and dedicated customer support. This makes Assure DeFi the ideal solution for those who need to verify their identity while maintaining anonymity.
Assure is proud to offer the gold standard in identity verification. Their cutting-edge, AI-powered software makes it easy and fast for project owners to complete the process on their smartphones or tablets. In just 2-3 minutes, they can be approved and ready to take advantage of their services. The process starts with their integrated software, allowing clients to quickly and easily submit all the necessary information for approval. Then, through the help of AI and powerful algorithms, Assure verifies their identity and confirms that they meet all the requirements. This process is designed to protect the owners, keeping their information private and securely stored in encrypted servers.
Using KYC with other preventive measures
While it’s true that KYC verification can help reduce the risk of fraud and scams, it’s important to remember that it’s not a foolproof method. There have been several cases in which crypto projects have successfully scammed investors despite implementing KYC procedures. One notable example is the Atom Protocol rug pull, which recently collected $87,440 from over 1,000 investors just a few hours after launching. KYC verification alone cannot prevent all fraud and scams, but it can be an essential tool for reducing risk. When combined with other measures, such as due diligence and investment diversification, it can help create a more secure environment for crypto investing.
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