02-03-2024, 03:46 AM
#1
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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.
Examples of Fake Exchanges
 
  • In 2017, South Korean authorities exposed one of the most notorious fake cryptocurrency exchanges. BitKRX was named to look like the cryptocurrency arm of the legitimate and largest financial trading platform in the country, Korea Exchange (KRX) — a common technique for fake exchanges trying to establish legitimacy quickly.

  • Based on public goodwill towards KRX, BitKRX was able to lure investors who believed BitKRX was run by KRX. But when clients who thought they had purchased BTC tried to access their funds, they discovered their money had vanished.

  • Authorities also arrested two men behind Komid, another South Korean exchange, who were scamming investors from the start. Their scheme entailed luring customers to purchase cryptocurrencies, and disseminating false information about token listings. Following this, the third-largest cryptocurrency exchange in South Korea, Coinbit, was seized by police, as reports found that 99% of its transaction volume was faked.

  • In another crypto scam discovered by a joint investigation in the Netherlands and Britain, six people were arrested for creating a fake online cryptocurrency exchange, which duped more than 4,000 victims in 12 countries out of an estimated $27 million USD in crypto. Scammers were able to access bitcoin wallets by “typosquatting,” which relies on accidental typos or domain errors entered by a user. The victim is then directed to a fake website that’s made to look like the legitimate site the user intended to access. This fake website’s address may have only one letter that’s different from the authentic exchange, a small detail that’s easy to overlook.
How to Identify Fake Cryptocurrency Exchanges? (see part 2)
 
 
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