KYC Verification process may stop hackers to steal funds: Assure Defi

A KYC verification company noted that the KYC verification system may stop the bad actors from going with direct illegal activities on the Defi platforms. 

In the present time, the crypto community is dependent on Centralized and decentralized crypto exchanges. On one hand, Centralized exchanges have better resources and better experience to fight against hackers but on the other hand, decentralized platforms are evolving and are not confident against the threats by hackers. 

The majority of the hackers are targeting decentralized crypto platforms because decentralized platforms are not much better in terms of security than Centralized exchanges. 

A recent matter can be seen in the crypto industry, where hackers stole around $293K worth of assets from FlurryFi’s Vault contracts. 

Assure Defi, a verification company providing Know Your Customer and also provides check on the Defi platforms for the developers, examined such cases and noted that the KYC process cannot stop a person to facilitate any illegal activities on any platform but still these are helpful in some ways to use the details to file a lawsuit against that person/bad actor.

“It does, however, create an accountability path to pursue legal recourse against bad actors…which is the value that the Assure Defi KYC Verification process provides.”

Through the tweets, Assure Defi asserted that people are not trying to understand the KYC potential, against such kinds of activities. According to them, bad actors can be easily traced and caught in real life. 

Few experts noted that entry of KYC process on Defi may ruin the future of Defi Industry because it will become totally like Centralized exchanges, so people will try to go with Centralized one, instead of decentralized which is not much secure over centralized platforms.

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