Common tricks of currency exchange fraud

Common scams and key points for prevention on cryptocurrency exchanges: 8 high-frequency scams: counterfeit customer service, contract manipulation, capital runaway, AI face verification, false arbitrage robots, etc. Identification skills: Check regulatory licenses (such as FCA/MSB), verify contract addresses, and beware of high interest temptations (annualization >50% is dangerous). Must be protected: Use hardware storage (Ledger) Turn off SMS verification (using Yubikey instead) Check authorization regularly (revoke.cash) Handle fraud: freeze the address, save evidence, and report the case immediately.

Cryptocurrency exchange fraud routines are emerging one after another. Here are 8 typical scams and prevention guides recently compiled in 2024 to help you effectively identify risks:

1. Analysis of high-frequency fraud methods (with real cases)

1. False official customer service fraud

• Method: Forge a 400 phone number/Blue V authentication account

• Talking: "Abnormal transactions are detected and asset verification is required"

• Case: In March 2024, a user was cheated of USDT for "Huobi Customer Service" phone number 580,000 USDT

2. False contract trading trap

• Operation: Backstage control leverage multiple (display 100x actual 500x)

• Features: Sudden pin insertion in the early morning (such as BTC fluctuation instantly 20%)

• Data: Small exchanges have a liquidation rate of 3-5 times higher than mainstream platforms

3. Funds exchange operation cycle

Mermaid

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 graph LR
A[High interest customer acquisition] --> B(3-7 days allow for small withdrawal) B --> C{Development period}C -->|15-30 days| D[Restrict large withdrawal] D --> E[Exception system upgrade] E --> F[Total loss of contact]

2. New hybrid scam (upgraded version in 2024)

1. AI face-changing video verification

• Forged exchange CEO video speech

• Request to transfer to "Security Storage Address"

• Recognition point: Lip movements and voice are not synchronized

2. Arbitrage Robot Scam

• Show false annualized 800% profit chart

• Activate "Smart Policy" by recharge USDT

• Actually a contract address authorization scam

3. Authoritative anti-fraud detection method

1. Four elements of regulatory information verification

• Check the US FinCEN MSB number

• Check the UK FCA registration status

• Look at the Japanese FSA whitelist

• Recording of Australian AUSTRAC

2. Blockchain traceability skills

• Use Chainalysis to trace the flow of USDT on the platform

• Anomaly characteristics: funds are transferred to the currency mixer

4. Users must make a safety list

1. Enable hardware storage (Ledger Nano X)

2. Set up independent transaction mailbox (ProtonMail)

3. Close the exchange API withdrawal permissions

4. Regularly check contract authorization (revoke.cash)

5. Emergency response process

When found cheated:

1. Freeze the relevant address immediately (through Tether and other issuers)

2. Save all chat history and txhash

3. Alert the case to IC3 (US) or local network

4. Mark malicious addresses in blockchain browser

Key reminder: SIM card hijacking attacks against exchanges secondary verification will occur in 2024. Recommended:

• Use Yubikey's physical security key instead

• Close SMS verification code login

• Set a withdrawal cooling period (such as 24 hours)

It is recommended to evaluate the security of the exchange through CoinGecko's "Trust Score 2.0". Platforms with scores below 5 are recommended to avoid it. If you encounter any situation where you require mnemonics, private keys or remote assistance, please terminate the operation immediately!

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