$15 Generated Fake ID Passes Exchange KYC, Threatening Crypto Security

A new online service called OnlyFake is causing concern in the cryptocurrency world, as it claims to use artificial intelligence to create fake driver's licenses and passports that look real.

These fake IDs cost only $15 each.

The website, OnlyFake, offers fake IDs from 26 countries, including the US, Canada, the UK, Australia, and several European countries. It accepts payment in cryptocurrencies through Coinbase's payment service.

According to reports, a fake British passport created by OnlyFake was able to pass verification checks on the OKX crypto exchange. Users on a Telegram channel also claim success in using these fake IDs to pass checks on other exchanges like Kraken, Bybit, Huobi, and PayPal.

This poses a serious risk as scammers and hackers could use these fake IDs to set up accounts and hide their real identities, making it harder to track them down.

The person behind OnlyFake goes by the name "John Wick" and claims that these IDs can bypass checks on major exchanges like Binance, Kraken, Bybit, Huobi, Coinbase, OKX, and the neobank Revolut.

OKX denied any involvement in fraudulent activities and says it's investigating the matter, according to Cointelegraph. OnlyFake, however, says it doesn't create fake documents for illegal purposes but only for movies, TV shows, and illustrations.

Creating a fake document on OnlyFake reportedly takes less than a minute. Users can upload their own photo or choose from a library of images. The service even allows users to spoof metadata to deceive verification services.

This situation highlights the ongoing challenge of fighting fraud in the cryptocurrency world. Despite efforts by platforms like OKX, the rise of AI-driven tools like deep fakes presents a new challenge. It's a reminder of the importance of strong verification processes to protect users and prevent fraudulent activities.