Nostr Web Client

Yet another example of why KYC is a danger to you and can come back to bite people long after they used a service. Recently a group of hackers claim to have stolen 70,000 customer photos and the private information of 300,000 clients of Coin Cloud, a recently bankrupt Bitcoin ATM provider.

Now this could be used to access accounts with other service providers, create accounts to be used for money laundering and sold to groups, or it can be used to target users they know have bitcoin and try to run scams on these people.

https://protos.com/client-selfies-and-data-stolen-from-bankrupt-bitcoin-atm-firm-hackers-claim/

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Discussion

Qno 2y ago

Let's be clear: KYC is not what it originally meant. 20 years ago it meant an in depth understanding of your clients' needs so could sell them appropriate services. It now has NOTHING to do with knowing them and everything to do with grabbing as much of their private data as you can get away with on the pretence of protecting them from crime.

We have somehow moved into a world where being innocent of any wrongdoing is not enough. Failure to prove continually that you are not a criminal is itself now a crime.