Crypto Exchange Scam: How to Spot Fake Platforms and Avoid Losing Your Crypto

When you hear crypto exchange scam, a fraudulent platform designed to steal users’ funds by pretending to be a legitimate trading service. Also known as exit scam, it’s when a platform suddenly disappears after collecting deposits—no warning, no refunds, no trace. These aren’t rare glitches. They’re organized crimes targeting people who trust the system too easily.

Real exchanges like OraiDEX or Cryptal have public teams, clear licensing, and transparent audits. Fake ones? They copy logos, use flashy ads, and promise insane returns. BITKER vanished with $1.2 million in 2021. ByBit got hacked by North Korean hackers in 2025—not because users were careless, but because the exchange’s security was weak. Both are warnings: crypto exchange fraud, when a platform misrepresents its operations to lure deposits can come from outside attacks or inside betrayal. And if a site doesn’t list its legal address, has no customer support, or demands you send crypto to a new wallet to "unlock" withdrawals—you’re already in danger.

fake crypto exchange, a non-existent or shell company operating under the guise of a trading platform often mimics real ones. They use similar names, cloned websites, and even fake reviews. Some even run fake airdrops—like claiming to be Kalata or Showcase—to trick you into connecting your wallet. Once you sign a malicious approval, they drain your funds. The SEC fined $5 billion in 2024 mostly for unregistered exchanges hiding behind vague terms. If it sounds too good to be true, it’s not just a rumor—it’s a trap.

There’s no magic tool to catch every scam, but there are clear signs: no KYC, no public team, no third-party audit, and zero presence on trusted sites like CoinMarketCap or CoinGecko. If the platform only accepts crypto deposits and refuses fiat, that’s another red flag. Real exchanges let you buy with bank transfers or cards. They don’t hide behind anonymous wallets.

Below, you’ll find real cases of crypto exchange scams—how they worked, how they vanished, and what you can learn from them. No fluff. No theory. Just what happened, why it happened, and how to make sure it doesn’t happen to you.