What are the scam routines of cryptocurrency exchanges?

10 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:

1. Check and supervise: Recognize SEC/FCA and other licenses (such as Coinbase/NYSE listing)

2. Qualification verification: Check the exchange rankings on CoinGecko and be alert to the nameless small offices

3. 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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