How To Spot A Fraudulent Crypto Exchange
Adekunle Joshua
The crypto space is intense, with incredible innovations being churned out regularly, from DeFi protocols, exchanges, NFT platform, Play-to-Earn ecosystems, and much more
It involves people losing their crypto holdings to fraudsters in different ways
Team information can give crypto enthusiasts an insight into those behind the exchange development and maintenance
Normally, it may be a scam waiting to happen when the exchange overplays the reward scheme with ridiculous freebies that seem too good to be true.
Checking the reviews on the app store and websites before downloading any crypto exchange is crucial. In addition, a quick search on social media, especially Twitter, can tell you if an exchange is fraudulent or not
Sometimes, unscrupulous elements clone the websites of reputable exchanges to gain access to the personal details of their victims and drain their accounts afterward