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A crypto exchange scam involves fraudsters creating fake cryptocurrency exchange platforms. These platforms often promise high returns on investments. Scammers lure people with claims of exclusive offers. They may also promise guaranteed profits. These fake exchanges often have professional-looking websites. They use convincing marketing materials. Scammers might use social media to promote their schemes. They often impersonate reputable figures in the crypto world. Victims are asked to deposit their money into the scam exchange. Once the deposit is made, the funds become inaccessible. The scammers disappear with the money. They may also steal personal information. Scammers also use fake testimonials to build trust. They create a false sense of legitimacy.