Fraudulent exchanges lure users into depositing their cryptocurrency, only to shut down or steal the funds.
How Scam Exchanges Work
Scammers create a professional-looking exchange platform offering attractive features or lower fees. Once users deposit their funds, the exchange disappears, taking the money with them.
How to Avoid It
Use Reputable Exchanges: Stick to well-known and established exchanges with a strong reputation.
Check Reviews: Look for reviews and feedback from other users.
Security Measures: Ensure the exchange has robust security measures, including 2FA and cold storage for funds.
