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Summary
Cryptocurrency exchanges offer an important platform for buying and trading digital assets. But many of these exchanges remain unregulated, and susceptible to scams. Scammers have indeed turned to creating fake cryptocurrency exchanges and manipulating trading volumes on seemingly reputable exchanges in order to lure potential investors and fleece them of their funds. These exchanges may harass users, deny crypto withdrawals, charge high fees, or even walk away with your entire investment.
Fake Cryptocurrency Exchanges
Fake and unregulated cryptocurrency exchanges scam potential victims by posing as legitimate exchanges. Scam exchanges often lure users with a celebrity endorsement, unsolicited phone calls, or emails promising extraordinary returns on investments. Once directed to an exchange, users might receive frequent emails or phone calls with reassurances about the legitimacy of investing with these fake bitcoin (BTC) exchanges.
If an investment is made, users might be asked to pay high initial fees before being given fake information via a falsified trading portal showing manipulated trades from the exchange. Clients may then receive harassing calls, be pressured through other means to invest more, or be induced to do so with fake returns showing extraordinary profits. If any attempt is made to withdraw funds, users may then face a series of obstacles, such as unannounced fees or fake taxes. They may even discover that their money has disappeared altogether.