Technique

Fake Crypto Platform

Also known as: Fake Crypto Exchange, Fraudulent Trading Platform, Crypto Investment Scam, HYIP, High-Yield Investment Program, Liquidity Mining Scam, Fake DeFi Platform

MONETIZATION

Creating fraudulent cryptocurrency exchange or investment platform that simulates returns.

Common attack flows

How it fits in a scam

This technique shows up duringMONETIZATION

Before

This is often where the scam begins.

After

Defense

How to defend against this

How to spot it

  • Platform not registered with financial regulators (SEC/CFTC/FinCEN) or claims unverifiable licenses
  • Promises guaranteed returns or unusually high profits
  • Initial contact via unsolicited social media DM or dating app
  • Withdrawal requires paying 'taxes' or 'fees' first
  • URL uses typosquatting of legitimate exchange names
  • Team members have stock photos or unverifiable identities
  • High claimed trading volume but no verifiable blockchain transactions
  • Pressure to move communication to private messaging apps

Tools you can use

Seen in the wild

Where we’ve seen it

Campaigns

Commonly targets

Further reading