Top 10 Crypto Exchange Scams Before 2025 – Must Avoid Platforms
By: Mustkim Alam | Published by: CryptoAlam News
Cryptocurrency offers great opportunity, but also comes with high risk. Over the years, several popular exchanges have collapsed, run away with users’ funds, or were exposed as scams. Below is a curated list of the top 10 crypto exchange scams that occurred before 2025. If you're trading in crypto, stay alert and informed.
1. FTX Exchange (USA)
- Collapse Year: 2022
- Type: Fraud, misuse of customer funds
- Loss: $8+ Billion
- Notes: Founder Sam Bankman-Fried jailed. FTX was once a top exchange competing with Binance.
2. Hotbit.io (China)
- Shutdown: 2023
- Type: Withdrawal issues, excessive fees, zero support
- Notes: Users called it a “slow scam” – exchange shut down without warning.
3. Bit-Z Exchange
- Issue: Disappeared without notice
- Notes: Funds frozen. Website went down. No official closure announcement.
4. CoinBene (China)
- Scam Period: 2019–2023
- Type: $100M hack, then silent exit
- Notes: No refunds issued. Domain and trading access vanished.
5. Mt. Gox (Japan)
- Collapse: 2014
- Issue: Lost 850,000 BTC
- Notes: Refund process still under legal recovery.
6. QuadrigaCX (Canada)
- Year: 2019
- Issue: Founder died with sole wallet access
- Loss: $190M
7. Thodex (Turkey)
- Scam Year: 2021
- Issue: CEO fled with $2 Billion
- Notes: Multiple arrests made.
8. Bitconnect (Global)
- Collapse: 2018
- Type: Ponzi lending scheme
- Loss: $2.4 Billion
- Notes: Labeled fraud by SEC.
9. PlusToken (Asia)
- Scam Period: 2018–2019
- Type: Ponzi wallet project
- Loss: $2–3 Billion
10. OneCoin (Global)
- Scam: Fake blockchain, MLM fraud
- Loss: $4+ Billion
- Status: Leader arrested, network collapsed
What Can We Learn from These Scams?
- Always research an exchange’s registration and country of operation
- Use only regulated and globally trusted exchanges
- Withdraw funds to a personal wallet, avoid long-term holding on exchanges
- If it sounds too good to be true, it probably is
Also Read:
- 🔐 How to Set Up Google 2FA for Crypto Exchanges
- ❌ Top Crypto Trading Mistakes Beginners Make in 2025
- 📘 What is Bitcoin & How to Buy Crypto (2025 Guide)
Author: Mustkim Alam
Published on: CryptoAlam News | June 2025
👤 Author: Md Mustkim Alam
I’m a digital content creator in the crypto space since 2017 and a creative songwriter since 2014. I share expert insights, tutorials, and safety tips related to cryptocurrency and Web3 through blogs and videos.
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