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A crypto exchange scam involves fraudulent platforms pretending to be legitimate cryptocurrency exchanges. Scammers create convincing websites or apps that mimic real exchanges. They promise high returns on investments and low fees to attract users. These scams often use fake testimonials and endorsements from celebrities to build trust. They might offer bonuses or incentives for depositing funds quickly. Once users deposit their money, the scammers make it difficult or impossible to withdraw funds. Scammers also use phishing tactics to steal personal information. They send emails or messages that appear to be from legitimate exchanges, tricking users into providing their login details. Once they have access, they steal the user's funds.