What are the scam routines of cryptocurrency exchanges?
Apr 20, 2025 pm 05:06 PM10 scams on cryptocurrency exchanges Quick Check Table Common scams: fake exchanges, Ponzi capital plates, contract manipulation, fake coin phishing, customer service fraud and other identification points: Check regulatory licenses, check contract addresses, beware of high-yield commitments and must be protected: Use only mainstream exchanges (Binance/Coinbase) to enable hardware storage Reject share private keys/verification codes to deal with fraud: screenshot immediately, freeze assets, and report on the platform to report the alarm Core principles: Any request for passwords/transfers is a fraud!
There are various tricks on cryptocurrency exchanges. The following are the 10 common scams and prevention suggestions, which are clearly presented in tables:
A list of common fraud tricks on cryptocurrency exchanges
Type of fraud | Specific operation methods | Real cases | Identification method | Preventive measures |
---|---|---|---|---|
1. False exchange | Cloning the formal platform interface, forging transaction volume and user reviews | 2023 "BinancePro" scam | Domain name spelling errors (such as bǐnance.com), no clear regulatory information | Only download through the official website or official application store to verify the domain name registration information |
2. Ponzi Funding Trading | Promising to guarantee high returns on principal (daily interest rate of 1-3%), paying old users with funds from new users | WEX Exchange runs away in 2022 | The returns are significantly higher than the market (such as annualized exceeding 50%), and withdrawals need to be developed and downlined | Beware of "stable profits but no losses" publicity and reject projects that need to attract people |
3. Contract manipulation | Modify the K-line in the background, create abnormal slippage, and targeted explosive position | 2023 BTC contract insertion pin for a small firm | Prices are very different from mainstream exchanges and cannot close positions frequently | Choose a platform with a large transaction depth (such as Binance/OKX) without using small contracts |
4. Fraud | Impersonating an institution private equity firm and forging project party cooperation endorsement | 2021 "Musk Submission" Scam | The collection address does not match the official website, and promises to "come to the office soon" | Participate directly through the project official website to verify the storage address |
5. Fake coins to phish | Online fake coins with the same name (such as fake SHIB) to induce users to purchase | 2024 Fare Solana Token Event | The contract address does not match the CoinGecko record | Check the official contract address before transaction |
6. Customer service fraud | Fake official customer service and ask for mnemonic words or verification code | Telegram Customer Service Scam in 2023 | Real customer service will never ask for a private key/sMS verification code | Contact customer service only through official website channels |
7. Liquidity mining scam | Use high APY to attract deposits, retreat to the pool and run away | TITAN crash incident in 2022 | Annualized yields are outrageous (such as 10,000%) | Select Audit projects to avoid new mining pools |
8. Freeze withdrawal | Require taxes/security deposits to withdraw coins | 2024 "Tax Verification" Scam | Regular exchanges will not require additional cash withdrawals | Reject any form of "thawing fee" |
9. Copycat APP | Third-party app stores distribute Trojan APPs | 2023 Fake Coinbase APP | Only the official website provides download link | Download only from the official website/official app store |
10. OTC scam | Pay money first and then don’t add coins, or use black q to cause account freezing | USDTOTC scam in 2024 | The other party requests non-platform guaranteed transactions such as WeChat/Alipay | Only use the exchange official OTC to confirm the "payment and coin release" mechanism |
3 core prevention principles:
Check and supervise: Recognize SEC/FCA and other licenses (such as Coinbase/NYSE listing)
Qualification verification: Check the exchange rankings on CoinGecko and be alert to the nameless small offices
Assets protection: Large deposit and cold storage (Ledger/Trezor), the exchange only retains trading funds
When encountering suspicious situations, immediately:
Screenshots to save evidence
Report to the official platform
Report the case at https://cyberpolice.cn (China) or https://www.ic3.gov (US)
Remember: Anyone who asks you to transfer money, enter passwords, or give mnemonics is 100% fraud!
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