- This was a verification experiment by a member of the community
- He also used several other names from the OFAC sanctions list
A Twitter user nicknamed “ZachXBT” posted the results of his experiment with the Gate.io platform yesterday, May 9.
He registered on the exchange as “Kim Jong-un” and gave his email as “notlazarus” and still successfully passed the KYC.
“When stolen funds are laundered through the exchange, people like to think that there is a real person behind it..
To disprove this, I was able to create a “Kim Jong-un” account at Gate.io with the email “notlazarus” and within minutes I received confirmation,” the user noted in his post.
Then the author created several more accounts.. In particular, he used the alias “Jack Hoff,” which is also on the sanctions list.
He also created several boxes marked “harmonyhacker” and “lazaruslover.”
The user entered an arbitrary combination as his ID number. No one has checked the data. Several users wrote off in a “thread” joking about this topic:
The Gate.io press service, of course, did not comment on the situation. But the fact remains that the ZachXBT experiment showed how easy it really is to cheat the KYC verification mechanism.
We should also remind you that problems in this system are often the cause of numerous SEC fines.
And sometimes the exchanges themselves make “loopholes” in this mechanism.. For example, we previously reported on a CNBC investigation that Binance was helping Chinese customers bypass verification.
Ironic that OKX tightened its KYC requirements this week without explanation. I wonder if the site has the same “hole” mechanism or is this a puncture exclusively Gate.io?