Be careful submitting your information(KYC) to random ICOS

[clonedone]

I completely agree with you guys. There has to be some other way to prove identity without sending your documents, because KYC doesn't work as it should now and it's too risky. I hope we will see new rules in the future for ICO that will protect potential investors from the risk of being deceived.

[ivlvov]

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 need to be very careful when submitting a KYC for the ICO. You have to think a few times before sending your personal information to strangers. I send personal information only if I see that there are reliable people in the project team who can be trusted.

[poornamelessme]

If an ICO requires KYC then I simply pass on it.

Exception may be a real big ICO (like from real companies)... even then, I'm not so keen on it. But
for standard coins, forget it, not worth the risk.

[fmboyzz]

It's dumb enough to send ID documents to an exchange, it's something else entirely to send it to some random people doing an ICO. Unless they have some substantial credentials/provenance outside of the ICO, it seems pretty stupid.

[castiloros]

If it can produce great and believable then need KYC does not matter because certainly, the goal is also good. However, when it is already abused our personal data and we are also threatened with big trouble. It could be that it will be used for crimes or otherwise. so selective in choosing which of course if ICO gives the terms of KYC should also be correct to be trusted.

[Mamaecrypto]

Totally agree with you. This day and age we must be cautions about everything we share online. I participate in bounties, ico and airdrops but only the ones that require basic info such as email, social media handles. Everything else I stay away unless it is a project that I have been researching strongly about.

[kingzpro]

Yeah, every ico and online biz is asking for kyc now, it is becoming more and more usual and mainstream, although kyc and this procedure is very annying i accepted this new trend as i understood that this kyc is important and implemented due to regulatory and official compliance but i have also read not it is not required by many countries, i hope situation will become clear in coming months.

[bedulook]

KYC submission to a company for an ICO or bounty is dangerous and it must be looked upon well before entrusting your sensitive data to unknown entities that might sell your identity in black market

[Tylev]

Instead of so trustingly sending potential confidential information to potential fraudsters, ask them on what legal basis they require you to do this data and what exactly is written in these documents, if they can specify such a document at all. I'm absolutely sure that members of the ICO generosity campaign are not subject to KYC verification. Only investors are subject to such verification, we are not investors.

[cryqtovn83]

never join any airdrop that request KYC, they only wanna steal your personal data then can sell it or do some attack behind you

[bibi30]

Instead of so trustingly sending potential confidential information to potential fraudsters, ask them on what legal basis they require you to do this data and what exactly is written in these documents, if they can specify such a document at all. I'm absolutely sure that members of the ICO generosity campaign are not subject to KYC verification. Only investors are subject to such verification, we are not investors.
good luck!!!!
 

[Moiyah]

As some of here said, never ever trust ICO's getting personal informations from you. This KYC (Know Your Customer) is only their alibi to at least scam their participants. We should be warned whenever we see an ICO with a KYC thing. Most probably, newcomers or newbies are not aware of this that is why they are always the subject of victims of frauds.

[sircy]

This indeed should look out for. many of the ICO starts contains a scam and is certainly very dangerous if already entering our KYC therein. analysis of course also very necessary before join or invest in ICO. It's hard but at least anticipate known also as necessary.

[Rejinx]

I cherish in any of these casings, the live owner material agreements they concentrate is bill exceeding yard-dog than they fifty-fifty self-possessed from the present ICO.

[modmalaney]

I don't want to take a big risk on myself. If not for the ICO which is really great and promising then I will not want to access my identity through KYC for ICO. better I find ICO as surely many ICO also without KYC, however, can also be successful in their sales.

[iconoclast]

I have participated in so many KYC's done by dodgy ICO's that I am sure my personal information is widely available on the dark web. My personal circumstances will however make it very difficult to exploit any of that information to your advantage, so I am past the point of worrying.

[Dasha88fed]

I participated in several ICOs who asked to go through KYC and asked to send their personal documents, after which it turned out that this project was a fraud and now it is not known who will use my data in the future. In addition, hundreds of different databases are sold on the Internet with a list of those who are associated with cryptocurrencies. This is an unpleasant trend, which is increasing every day.

[KevenDabid]

It's a serious problem, and it's worrying.
Because most ICO projects do not guarantee the security of our KYC data very well.

[PsylockReborn]

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 don't have to worry since wealthy crypto holders or whales aren't participating in any bounty that only wastes their time. Only those spammers and farmers are really dedicated to participate in bounty campaigns. Doing KYC on every bounty campaign is a good thing on part of the company because there are lots of people right now having gazillion alts to cheat their way in to the bounty which gives negative impact to the project that they are promoting.

[niteroy]

It's true, no one is immune from fraud and the use of our personal data for illegal purposes. Now even airdrops ask to pass KYC, but I believe that this is already too much to prove the identity for the sake of several dollars. I ignore such airdrops and if I have doubts about ICO and the honesty of his team, then I do not take part in it.