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A crypto exchange scam involves fraudulent platforms posing as legitimate cryptocurrency exchanges. These scams often promise high returns on investments to lure in unsuspecting individuals. Scammers create professional-looking websites that mimic real exchanges. They use fake testimonials and endorsements to build trust. Scammers may also offer bonuses or incentives for depositing funds quickly. Once users deposit their money, they find it impossible to withdraw or access their funds. Some scams involve phishing tactics, where fake emails or messages direct victims to counterfeit exchange sites. These sites then steal login credentials and personal information. Scammers may also impersonate customer support to trick users into revealing sensitive information.