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A crypto exchange scam involves fraudulent platforms posing as legitimate cryptocurrency exchanges. Scammers often promise high returns on investments, quick profits, or exclusive access to new cryptocurrencies. They create professional-looking websites and use fake reviews to build credibility. These scammers may ask for personal information, such as identification documents or bank details. They often require an initial deposit to start trading. Once the victim transfers funds, the scammers disappear, leaving the victim with significant financial losses. They use social engineering tactics, such as impersonating trusted figures or creating a sense of urgency to pressure victims into making hasty decisions. Many victims realize the scam only after they are unable to withdraw their funds.