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Cryptoblogger exposes flaws in KYC procedures at Gate.io exchange

Cryptoblogger decided to check the KYC (“Know Your Customer”) procedure on the Gate.io exchange and registered under the name Kim Jong-un.
It took him only a few minutes to verify his identity. A blogger named ZachXBT decided to check how well KYC procedures work on the exchange.

He was able to create an account at Gate.io and successfully verified as “Kim Jong-un” with the email address notlazarus in just a few minutes.

“When stolen funds go to a crypto exchange, people like to assume that there is a real person with a real identity tied to an account,” he tweeted.

But the blogger was able to refute this. He registered several more accounts under fictitious names, as well as names from the U.S. sanctions list.

All of his accounts were verified and gained access to cryptocurrency trading.

The name of the email the blogger created (notlazarus) is a reference to hackers from Lazarus Group, which is affiliated with North Korea.

In early February, the United Nations reported in a report that North Korean hackers stole more crypto-assets in 2022 than in any other year.

According to CertiK, a cybersecurity and auditing company, more than $103 million was stolen from cryptocurrency projects during April as a result of hacking attacks.