All KYC Are Not Created Equal
Two billion three hundred sixteen million six hundred thousand.
In 2020, just under $162 million worth of cryptocurrency was stolen from DeFi platforms.
In 2021, that figure rose by another 1,330% to $2,316,600,000.
As DeFi has grown exponentially so too has its issues with stolen funds and fraud.
No massive surprise there… wherever there is success there are always bad guys looking for ways to exploit it.
While harnessing the power of huge growth in DeFi, we — the whole crypto community — can see that criminal targeting creates huge barriers to progress, heightens the possibility of restrictions being imposed, and worst of all victimizes the innocent.
All KYC Are Not Created Equal
Assure DeFi is the KYC verification Gold Standard for a reason. We have implemented a unique and thorough process which is fast, easy and convenient for our clients, while also maintaining high data security. Assure DeFi privately verifies the identity of our clients including a robust KYC process. After identity verification approval, we create publicly viewable compliance content including an on-chain NFT.
So why do we do what we do?
Cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving $14 billion over the course of the year, up from $7.8 billion in 2020.
We believe Assure offers a critical solution to help mitigate unnecessary risk present in the crypto space which we care so deeply about; and provides an enhanced layer of accountability for those in project leadership positions, that will ultimately help to support the growth of and investment in the space.
Don’t Just Get KYC’d, Get Verified
KYC Verification is an in-depth process; it is also much more effective at preventing fraud and businesses from loss.
At Assure, verification starts with the parties accepting ownership, accountability & liability from a legal perspective, for the project they are leading.
A robust identity verification process is conducted which includes items such as document checking, live video footage, PEP/sanctions list database checks, device fingerprinting, IP analytics & usage of AI-powered software to assist alongside our manual in-house verification process.
More detail on the publicly-known aspects of the verification process can be found here: https://www.assuredefi.io/assure-identity-verification-process/
Additionally, there are proprietary and advanced verification measures in place on top of those listed, which to our knowledge are not done by other KYC providers, that makes Assure DeFi, the Verification Gold Standard. These measures are kept confidential to prevent bad actors from gaming and/or fraudulently manipulating Assure DeFi’s verification procedure.
Plus — if a project that has KYC’d with Assure DeFi is suspected of rugging or scamming its investors, then our team will crowdsource information and, where applicable, create and fund at no cost to investors an Investigative Intelligence Report. Through partnerships with investigators focused in areas like blockchain forensics, code auditing, fund tracing, etc, and our in-house expertise, we are able to aggregate all evidence in a detailed package that facilitates the reporting process for adversely affected investors & provides a clearer path to potential fund recovery. Check out examples of our ADIIR at the links below:
Chapo says “Many investors could likely avoid losing funds to rug pulls if they were more educated on the tools & verifications that exist in the market today, aimed at mitigating unnecessary risk. What we must understand is that these investors aren’t dumb or naïve, they have been set up — actively cheated. Anonymous leadership who refuse to take real-world accountability for the investment funds they take in by completing a process like the Assure DeFi KYC verification should be a big warning sign to investors.
Our verification process does not make a project completely safe on its own, but when combined with other security measures like code audits & liquidity locking, the proactive stance we take against bad actors and rug pulls helps to SUBSTANTIALLY reduce unnecessary risk for investors.”
