'The Way of the Scammer: What to Look Out for When Running a Crypto Referral Scheme' cryptocurrency crypto
In mid-November 2022, Lendingblock announced the launch of, our referral scheme program. Over the last 9 months, our compliance team has learned a few things about catching out referral scheme abusers. Below, we’ll take a look at some common tactics used to unfairly game the system, some more sophisticated than others.
We call this one, The Flash: an individual begins the ID verification process in one city on a desktop computer and finishes the verification on a smartphone in a city miles away a few minutes later, as seen by this Italian example below. This individual began the ID verification on a desktop in Turin, and finished it on their smartphone in Milan 142km in a little over 2 minutes. Clearly, the individual who created the Lendingblock account in Turin can’t be the same person who verified their identity in Milan!
Of course, there is a possibility that this difference in location could be caused by using a VPN, however, VPN use goes against the platform T&Cs, so any accounts created using a VPN would be in breach of the accepted terms and subject to suspension/deletion.
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