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Crypto exchange scams are fraudulent schemes that exploit the growing popularity of cryptocurrencies. Scammers operate fake crypto exchanges, luring investors with promises of high returns, low fees, and instant payouts. Often, these fraudulent exchanges boast a professional-looking website and may invest in online advertising to appear legitimate. They typically offer deals that seem too good to be true. For example, investors might be promised double their investment within a short period or guaranteed profits. To convince people to invest, scammers may use fake testimonials and manipulated trading history. Once investors deposit their funds, the scammers either disappear or start demanding additional payments to withdraw the supposed profits. A key characteristic of these scams is the lack of transparency. Scammers often refuse to provide essential information about their operation, such as the names of the owners or the location of the business. Remember: when it comes to investment, if it seems too good to be true, it probably is.