Pig butchering scams –
Many pig butchering scams rely on fake exchanges that give scammers control over a victim’s wallet and entire asset profile. They also trick victims into adding their bank account information and other financial assets to steal funds from there.
Fake crypto wallets –
Fake exchanges sometimes promote wallets that are also hidden backdoors to give scammers access to a victim’s funds.
Crypto investment scams –
Teams behind fake exchanges may also promote other projects and investments they are working on, like new coins, DeFi projects, or NTFs. If the exchange is a fake operated by scammers, it is often a gateway to trick victims into falling for other related crypto scams.
Rug pull scams –
Similar to crypto investment scams being linked to fake exchanges, teams behind the fake exchange may promote coins or new investment opportunities on the platform only to “pull the rug” and abandon the project once they have enough investors.
