Crypto is the dream of technology geeks, social innovators, and decentralization idealists, but it is also undeniably a haven for gray and black industries. Recently, I have seen many friends in the industry having their cards frozen. Here are three perspectives on black industries, black U, and black KYC to help us better protect ourselves:
1 - The black industry still occupies a large part of Crypto. According to Reuters, conservative estimates suggest that there were $20 billion worth of encrypted transactions related to illegal activities last year (the total circulation of USDT was only $76 billion). This includes black market trading of population and drugs, terrorist fundraising, transactions with sanctioned individuals, fraud, and hacker attacks.
2 - Discount U is all a scam. Stablecoins purchased at a price lower than the market price by 5% are only two types: black U and fake U. Black U is dirty money marked by Tether or money that will be regulated by the government. It freezes your card by allowing retail investors to buy at a low price and cash out or launder money. Fake U, on the other hand, is a self-issued token that looks like USDT but is not actually USDT. It's purely an air coin. Most of the time, they won't even give you an air coin. They will test a small amount to make you profit and then disappear.
3 - Don't trust KYC, don't sell your identity. Selling identities is actually very common in the crypto world. It can be as small as buying a complete set of KYC verification for opening a bank account in underdeveloped countries for $8, or as big as paying $500 a month for a white person's face project to use their name. It even includes helping friends withdraw funds from exchanges. These are all very criminal activities.