Key Takeaways
- Fake crypto exchanges imitate real platforms to steal login data or funds by phishing, offering fake returns, or running exit scams and Ponzi schemes.
- Known scams like PlusToken, Bitconnect, and MTFE used trading bots, fake mining gear, and referral bonuses to drain billions from global investors.
- Red flags include guaranteed profits, fake domains, private key requests, delayed withdrawals, and unregulated operations with vague team details.
- Users should verify exchanges, avoid sharing keys, test platforms with small amounts, and rely on regulation and transparency to avoid crypto-related fraud.
It’s easy to get lured by promises of quick profits, but when it comes to digital assets, the wrong click can cost thousands—or even millions. Fake cryptocurrency exchanges are platforms that pretend to be legitimate trading services. But instead of handling your investments, they’re designed to trick you into giving up your money or private keys. They don’t trade. They don’t store assets securely. Their only function is deception.
Some fake exchanges copy the look of real platforms. Others invent entirely new brands, often boasting automated bots, special investment programs, or guaranteed returns. The scam kicks in once a user deposits funds or inputs sensitive data—after that, it’s usually gone for good.
Many of these scams continue to operate for years before they’re taken down, often after draining the savings of thousands of victims.
Let’s explore these scams and how you can protect yourself from losing your assets.
List of Fake Crypto Exchanges
Let’s break down the most commonly reported fake crypto exchanges. These have deceived users through deceptive interfaces, fake promises, and empty claims. If you’ve seen any of these names in your search for a platform, stay away.
AEL Exchange Wealth Management LTD
The fake crypto exchange operated through websites including AELs-Exchange.com, aelexchange.com, and wealthfrontstock.com, targeting victims via WhatsApp group chats that claimed to offer insider crypto trading signals. Victims were directed to create accounts, deposit funds, and follow supposed expert trading advice. While some were told their investments had been lost, others were blocked from withdrawing unless they paid large fees. The sites eventually became unresponsive, and users were unable to recover their funds.
Apyeth Gifts
Disguised as a free NFT giveaway, this scam lured users into entering their wallet recovery phrases under the promise of receiving a digital collectible. Once users entered their seed phrases, the attackers quickly drained their wallets. The simplicity of the trap—offering something free in exchange for sensitive data—made it effective, especially among newer Web3 users unfamiliar with wallet security best practices.
BitcoinGoldScript.com
This one capitalizes on the confusion surrounding Bitcoin forks. It pretends to offer free Bitcoin Gold in exchange for your wallet’s private key. Once entered, that key is used to transfer all assets from the legitimate Bitcoin wallet to addresses controlled by the attackers.
BitcoinPrime.io
A classic fake investment platform, BitcoinPrime claims to use AI-powered bots to multiply your Bitcoin investments automatically. The trick? It asks for a small deposit and repeatedly requests more under the guise of verification fees or upgrading the account. Once it reaches its maximum, it ghosts the user.
Bitconnect
Bitconnect’s collapse in 2018 left a mark, but it’s still cited today due to its massive scope. Marketed as a lending platform with proprietary trading bots, it shut down overnight, leaving users with worthless tokens. The scam prompted global regulatory action and jail time for several promoters. Many spinoff scams still borrow their branding.
btecgcrypto.vip
Scammers often begin by building trust through personal contact. In this case, a fraudster promised to teach crypto trading and directed the victim to set up an account at btecgcrypto.vip. The scammer introduced another fraudster who would “manage” the account. The victim transferred funds to the platform. Later, when they attempted to withdraw money, the site’s customer support claimed the transaction was under review and would be released once approved. However, the victim never regained access to their funds. Eventually, the site went offline.
B2MP
Bit2meprojil.com (B2MP) impersonated a real trading platform, offering hyper‑short‑term investment schemes with massive returns. Introduced via a recruiter, victims pooled funds after hearing about cooperation agreements with legitimate US exchanges. Initial small withdrawals built trust, but when users attempted large withdrawals, the platform imposed arbitrary “risk premium” fees. Users couldn’t pay or withdraw, and the site ultimately seized all balances. The site is now offline.
cglobalw.com
This scam pretended to be affiliated with CoinW, a known digital asset trading platform. It convinced investors to deposit funds for supposed crypto investments using fake social media pages and cloned interface elements. Because the impersonation was convincing, it passed initial scrutiny from some users, especially those unfamiliar with verifying domain ownership or exchange registration.
CoinWpro
CoinWpro.xyz posed as a crypto trading and mining exchange, promising users daily returns of 2% through staking and mining activities. Initially, it allowed small withdrawals to build trust. Once users believed their accounts had grown substantially, the platform blocked larger withdrawals unless users paid high tax fees. When users attempted to withdraw smaller amounts again, the platform required additional “electricity fees” before allowing access to their funds. Victims reported losing access to all assets.
CLFCOIN
CLFCOIN presented itself as a crypto trading platform powered by AI tools. Victims joined through a WhatsApp group led by a figure posing as an expert. The group provided coordinated trading signals, producing steady profits, encouraging users to keep investing. Later, members were pushed to invest in a fake IPO using their platform balance. When users tried to withdraw, the site demanded a “donation fee” and blocked access if unpaid. No withdrawals were processed.
CryptoCoinXchange.com
Built entirely for deception, this fake exchange mimics a professional trading platform. But under the surface, there’s no functioning crypto order book, no real market data, just a static front-end. The only “real” part is the wallet address to which they trick users into sending funds.
CryptoMiningMachines
This site sold fake mining equipment. It used photos stolen from legitimate mining rigs and advertised unusually fast ROI. Victims paid thousands for gear that never shipped. Some received fake tracking numbers or empty boxes. The scam targeted new crypto users unfamiliar with mining economics.
CryptoWallet.com
Criminals created this site to look like an established wallet provider. Visitors enter their login credentials and private keys. Once those go in, funds get emptied out. That’s phishing: copying a familiar interface to fool people into giving up critical details. In Web3, your private key grants full control over assets, so handing it over is like giving a stranger the keys to a vault.
Dahua Top VIP / Dahuag VIP
In this asset recovery scam, several websites—dahuatop.com, dahuagvip.com, and uobvip.com—posed as cryptocurrency exchanges to defraud users. Victims were invited to join the platform by representatives using aliases such as “Nina.” After depositing digital assets, users attempting to withdraw their funds received an email from [email protected] claiming that the withdrawal had been interrupted due to exceeding a “taxable limit.”
This operation used fake tax obligations to trap victims into repeated payments without returning any of their assets.
Double XRP — doublexrp.org
Two people fell victim to a fraudulent XRP “airdrop” scheme promoted on YouTube. The video falsely featured someone impersonating Brad Garlinghouse, the CEO of Ripple, encouraging viewers to send XRP to a displayed QR code in return for double the amount. The message promised that contributions between 1,000 to 500,000 XRP would be instantly doubled and sent back.
One victim identified a wallet address used in the scam: rsCDuehTSB4eCscrFBByR2W1VuuU4s21fE. These types of schemes rely on fake endorsements and impersonated public figures to appear legitimate. Victims never receive any return, and the crypto sent is irretrievably lost.
FTX DEX / SOLANAFTX / BYBIT
Scammers impersonated major crypto brands using domains like daoftxdex.com, solanaftxdex.com, and bybitdex.com. The platform showed fake profits to convince users their investments were growing. When users tried to withdraw funds, the platform demanded repeated “taxes,” “platform service charges,” and “address verification” fees. Even minor issues, like overpaying by a few cents or submitting payments outside Eastern Standard Time, were used to justify new charges. Victims faced endless fee cycles, drained savings, and locked accounts.
FXCryptoClub.com
Everything on this site looks polished, from the charts to the fake reviews. But it’s a facade. This exchange operated a phishing scheme designed to steal login credentials. Unlike many scams that request cryptocurrency directly, FXCryptoClub harvested access credentials, which were then used to drain other cryptocurrency wallets owned by the victim.
getbonusx2.com and getx2.net
These two domains attracted attention by promoting a “send 1, get 2” crypto giveaway. Scammers posted deepfake live streams using fake Elon Musk or other celebrity endorsements, claiming to double any crypto sent. They paired urgent countdowns with social-engineered pressure to push victims to act fast. Once funds were sent, no returns arrived, and the sites vanished.
GSG Forex International Limited
Scammers using the name GSG Forex International Limited operated by drawing victims into online investment groups, such as on Skype, where they posed as trading experts offering forex signals. After building trust, the scammers guided victims to open accounts on a fake trading platform, such as GSG Forex, and instructed them to deposit cryptocurrency assets.
Victims saw their accounts growing in value and were led to believe they were earning profits. When they attempt to withdraw funds, they’re told to pay commissions, fake taxes, and additional “withdrawal deposits.” Each payment was followed by new demands, often with shifting excuses and threats of account closure. Eventually, the platform shut down and severed all communication, leaving the victim without recourse or access to their funds.
JessicaPTrades / CDFXTrade.online
Scammers impersonating a crypto trading coach named “JessicaPTrades” lured victims through hacked social media accounts and fake success stories. After gaining trust, they directed victims to fund crypto wallets and create accounts on the fraudulent platform CDFXTrade.online.
The platform falsely advertised quick profits and demanded additional fees and taxes before any withdrawal. Victims were then sent to a fake online bank, where they submitted personal documents. The scam resulted in financial loss and identity theft.
CDFXTrade.online and Comercafinancialbk.com are fraudulent platforms and are no longer operational.
Jexwallet.xyz
Jexwallet.xyz operated as a fake crypto exchange platform promoted through a romance scam. Scammers used emotional manipulation, promising both romantic commitment and high investment returns. They allowed small early withdrawals to build trust, then encouraged increasingly larger deposits, eventually pushing victims to take out loans. When victims tried to withdraw larger amounts, the platform blocked access, and the scammer applied pressure to invest even more. Victims lost substantial amounts before realizing it was a fraud.
Marketcap.cc/mobile
Scammers gained trust through casual conversations with victims on WhatsApp and Telegram, eventually convincing them to invest in crypto through the fake marketcap website.
The scammer, claiming insider knowledge from a supposed financial expert, guided the victim in trading USDT on the platform. The site displayed massive returns, but when the victim attempted a withdrawal, it demanded a hefty tax payment. Upon refusal, the platform froze the account and threatened asset seizure.
nrgbit.com
Scammers posing as crypto traders lured victims through social apps like WhatsApp and Telegram. In one case, a victim was invited to a Bitcoin trading group where a contact named “Caroline” encouraged them to use a platform called NRG at nrgbit.com.
Caroline assisted the victim in creating an account and transferring funds, while the site requested personal information, including a driver’s license and home address. After making a small trade, the victim saw their balance drop and attempted to withdraw the remaining funds. Despite reassurances, the victim lost access to the account and was unable to recover the money. The site is no longer operational.
Note: This scam should not be confused with Energi (NRG), the legitimate token of the Energi blockchain.
Prolongers.vip
A California-based victim connected with a fraudster on TikTok who promised a 20% return within a short timeframe. The scammer instructed the victim to transfer $3,000 into a crypto wallet using crypto.com and onChain, and then to link the wallet to the crypto exchange prolongers.vip to monitor the funds.
The account balance initially appeared active, but when the victim tried to withdraw the money, the platform blocked the transaction. Further attempts to contact the scammer via WhatsApp were unsuccessful, as communication ceased entirely. The victim was unable to recover any funds. The site is no longer operational and appears to have been a front for a fraudulent scheme.
PlusToken
PlusToken was one of the biggest Ponzi schemes in crypto history, stealing over $2.25 billion. It operated by promising users high returns on stored crypto assets. Reinvested returns and word-of-mouth helped it snowball until the founders disappeared with billions.
Treasure NFT
Treasure NFT masqueraded as an AI-powered NFT marketplace, luring investors with promises of high daily returns and lucrative monthly profits through trading and referrals. Users saw early “payouts” to build trust, but withdrawals began failing, requests froze or were denied without explanation, while customer support disappeared. The platform heavily recruited, offering referral commissions and multi-level bonuses, which functioned more like a pyramid scheme than a genuine NFT market. In short, Treasure NFT operated like a textbook Ponzi scheme disguised as NFT trading.
UFCasino.website
Not your average fake exchange, this one masquerades as a crypto casino. It’s a front. The games don’t work, and the “deposits” never credit back as winnings. Users soon find their wallets emptied, and the site typically disappears within months, only to reappear under a different domain.
Wealth BAX Finance
The scammers behind Wealth BAX Finance operated a fake trading platform promoted through a romance scam. They contacted victims via text and then moved the conversation to WhatsApp to build trust.
After discussing crypto, they directed victims to register on a scam website, which required sensitive personal information. The site displayed growing profits, but when users tried to withdraw, it demanded large tax payments. The funds never arrived. The platform has since gone offline, leaving victims unable to recover losses.
This platform should not be confused with the legitimate investment bank, Saxo Bank.
Wotoken
A near-copy of PlusToken, Wotoken claimed to offer smart trading systems. Instead, it rerouted user deposits into wallets held by the scheme’s organizers. The ruse fell apart after authorities linked it to the same individuals behind PlusToken. In total, Wotoken scammed over $1 billion before arrests followed.
Zipmexpro.com
Zipmexpro.com operated as a spoofed trading platform that mimicked the branding of a real crypto exchange. The scam began with a recruiter who offered trading mentorship and introduced victims to Bitcoin options trading through the site. After small gains and seemingly successful withdrawals, victims were encouraged to increase investments, guided by claims of insider trading signals and time-sensitive opportunities. As the stakes rose, the platform stopped processing withdrawals and eventually went offline, taking all remaining funds with it.
Biggest Fake Crypto Exchange Incidents
The scams above are designed to prey on trust, but the consequences often ripple far beyond the victims. Here’s a closer look at major incidents that shocked the crypto community in recent years.
JPEX Exchange Fraud (2023)
Marketed with influencer partnerships and polished PR, JPEX presented itself as a licensed crypto trading platform. In reality, it was an unregistered entity running a fake operation. Hong Kong police received over 2,300 complaints, estimating user losses around $178 million. Investigations are ongoing, with multiple arrests and seized assets.
WazirX Hack (2024)
India’s largest centralized crypto exchange was the victim of a massive security breach. In July 2024, hackers affiliated with the Lazarus Group exploited vulnerabilities in WazirX’s backend to siphon $235 million. This wasn’t a fake platform, but it’s often grouped in user caution lists because poor transparency afterward blurred the line between mistake and malpractice.
BKEX Withdrawal Freeze (2023)
BKEX, a lesser-known exchange registered in the British Virgin Islands, halted withdrawals citing an investigation into “user fund laundering.” Millions in user funds were locked indefinitely. No clear timeline or restitution plan has followed, and many suspect the platform functioned as a front for money laundering operations.
MTFE App Exit Scam (2023)
MTFE posed as a trading app offering AI-based crypto investment tools. The interface looked sleek, and user reviews (mostly fake) flooded app stores. When the app vanished in mid-2023, it took an estimated $1 billion in user deposits. Many victims were in West Africa and Southeast Asia, where the app had been heavily promoted on social media.
Upbit APT Token Mishap (2023)
While Upbit is a legitimate platform, a major glitch in 2023 involved users being credited with fake APT tokens. Hackers exploited a token name collision, causing $3.4 billion worth of fake deposits. Users briefly “cashed out” these fake credits before the mistake was caught. Though not a scam by design, it highlights how fragile even real systems can be.
CoinbasePro.com Phishing Site (2023–2024)
Scammers set up a fake version of Coinbase Pro with a nearly identical interface. Victims, believing they were logging in to trade, gave away credentials and 2FA codes. The operator behind the scam stole over $20 million before being arrested in late 2023. Authorities tracked the attacker through blockchain analytics and traced transactions to cash-out points.
How to Identify Fake Crypto Exchanges
Spotting a fake exchange isn’t always easy, especially when the branding is slick and the site mimics real platforms. But a few red flags usually pop up if you take a closer look.
- Too-good-to-be-true returns
Anything promising guaranteed profits, multipliers, or fixed daily earnings should be viewed with suspicion. Cryptocurrency is inherently volatile; legitimate exchanges don’t offer investment plans. - Lack of registration and licensing
Verify whether the exchange is registered with the country’s financial regulators. Most fake platforms don’t list any licensing or use fake certificates. - No verifiable team
Scam exchanges often avoid listing founders or executives. If they do, try reverse image searching their photos, you’ll often find stock photos or stolen identities. - Pushy onboarding tactics
Fake platforms pressure users to deposit immediately, often using fake countdown timers, limited-time offers, or “bonus” matches on deposits. - No functional withdrawal
If the site lets you deposit but blocks withdrawal through endless identity checks or fees, that’s a clear sign of a scam. - Sketchy domain names
Many use domains with minor variations of legitimate services or unrelated TLDs like “.website” or “.club.” If you’re unsure, don’t interact with the site directly, search for reviews first.
Closing Thoughts
The line between a clever scam and a convincing exchange has grown thinner. With polished websites, copied logos, and aggressive marketing, even experienced traders can fall victim. The best defense remains simple: research before you deposit, double-check the domain, store your crypto safely, and never share private keys or credentials.
No investment is worth risking your entire wallet. Stay cautious, cross-check platforms with trusted sources, and tighten your security settings. Crypto offers potential, but fake platforms only offer regret.
