What to do if you’ve been Scammed
If you’ve fallen victim to a cryptocurrency scam it’s critical to take immediate action. At Crypto Consulting NZ, we specialize in scam support services tailored to your specific needs. We’ll help you confirm if you’ve been scammed, guide you through documenting your case, and provide expert advice on what to do.
Whether it’s Fake Exchanges or Rug Pulls our consultants can assist with every step of the process to ensure you’re informed and protected moving forward.
What are Fake Crypto Exchanges?
Fake crypto exchanges pose as genuine trading platforms but are actually fraudulent operations created to steal users’ funds or personal information.
These exchanges replicate the look and functionality of legitimate platforms to give the impression of trustworthiness. They lure kiwis with enticing features such as promises of high returns, but their primary intent is to defraud users.
Common Signs of a Bogus Crypto Exchange
In New Zealand, crypto trading platforms must comply with regulations set by the Financial Markets Authority (FMA) and Inland Revenue Department. Legitimate platforms are required to adhere to specific standards to protect customers’ investments, much like traditional financial service providers.
These regulations ensure that cryptocurrency exchanges operate transparently and securely, protecting users from fraud and other risks.
Too-Good-to-be-True Offers
Non-Compliant with Regulations
In New Zealand, cryptocurrency trading platforms must comply with regulations set by the Financial Markets Authority (FMA) and Inland Revenue Department (IRD). Legitimate platforms are required to adhere to specific standards to protect customers’ investments, much like traditional financial service providers. These regulations ensure that exchanges operate transparently and securely, protecting users from fraud and other risks.
Fake Volume and Trading Activity
Poor or no Security Measures
List of Known Fake Crypto Exchanges
Reference: https://www.datavisor.com/wiki/fake-cryptocurrency-exchanges/
The List below outlines a few of the fake cryptocurrency exchanges.
- I Texus Trade
- Dartya
- BravoFX
- BIPPAX
- Digi Coins
- Primegroup.global
- Safepalesa.com
- Ethereum x corp
- Lidcoin Trading Center
- Mindstoneltd.org
- Whitcoin Pro Exchange
- X Coin Trading
- FX Alliance Traders
- Pinance.io
- File Coins Foundation
- HOO Tech Ltd
- OS Option Exchange
- Privmoney (Private Money)
- GE Chains
- DCEX Exchange
- Sun Bit Proa
- Stunwill Ltd
- Poloina
- Rudolf Stark Pro Station
- Trusted Stations
- Good-bookingline.com
- bitcoinfied.com
- legalcryptocoinstrade.com
- Bitcoin-win.com
- Bityard
- us.gocoinoptions.com
- The Big Mars
- Tony Alin Trading Firm
- Julysil
- MT7 Coin
- Dahua Top VIP (Dahuag VIP)
- Micavhe.top
- gmelaunch.com
- Rhenium (Nodium)
- Spotalertweb.com
- Mantao Network
- Bytobit.com
- Atmos NOAH Cryptocurrency Investment Group
- OpenSoil (Open Soil X)
- CoinList Ro
- Getbonusx2.com (getx2.net)
- Crystal Linkz FX (Crystal Linkz FX Link Zen)
- CoinWpro
- Turbine Trade FideFX LTD (fiefx.cc)
- Yo Bit Pro
- Public Realm
- Whitemax.us
- Turtsgrupfk.top
- 100Ex
- Coinegg
- Bitcoin Vest Cloud
- ExNow
- Kenskr AI
- Uniswap.LLC
- Global tek Forex Trading
- Nasdaqon.com
- Amead Digital Currency Co. LTD
- Coin Pro X US
How Can You Spot a Fake Crypto Exchange?
Verify Regulatory Compliance: Start by checking if the exchange is regulated by a reputable authority. Legitimate exchanges comply with regulations like AML and other requirements specific to their operating jurisdictions.
Review Exchange Transparency: Ensure the exchange provides transparent information about its team, company background, physical address, and regulatory status. Be cautious of exchanges that lack transparency.
Assess Security Measures: Confirm that the exchange has robust security features such as two-factor authentication (2FA), cold storage for funds, encryption protocols, and regular security audits.
Evaluate Trading Volume and Activity: Check the exchange’s trading volume and activity on reputable data aggregation sites. Be wary if the trading volume seems unusually high or if there are sudden spikes in activity.
Research User Feedback: Look into reviews, forum discussions, and social media posts from other traders about the exchange. Pay close attention to any complaints regarding withheld funds or poor customer service.
Examine the Platform’s Quality: Legitimate exchanges usually invest in user-friendly interfaces and robust trading functionalities. Be skeptical if the website appears poorly designed, contains grammatical errors, or lacks features.
Test Customer Support: Reach out to the exchange’s customer support system with questions or concerns. Legitimate exchanges typically offer responsive customer support through email, live chat, or ticketing systems. Slow responses or unhelpful support can be red flags.
Be Wary of Unrealistic Offers: Be cautious of exchanges making unrealistic promises, such as guaranteed high returns, extremely low trading fees, or exclusive deals for new users. If an offer sounds too good to be true, it likely is.
Watch for Phishing Attempts: Stay vigilant against phishing attempts from fake exchanges posing as legitimate ones. Be cautious of unsolicited emails, messages, or advertisements asking you to click on suspicious links.
Engage with the Crypto Community: Engage with the cryptocurrency community to gather feedback and opinions about the exchange in question. Platforms like Reddit, Bitcointalk, and social media channels can provide valuable insights from experienced traders.
