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MetaAshes
High risk Crypto scams

Fake trading platforms impersonating genuine cryptoasset exchanges

A website or app is built to resemble a well-known cryptoasset exchange closely enough to pass a quick glance, and is used to take deposits that are never credited to any genuine account.

How the scam works

  1. 01

    A website or mobile app is built to closely resemble a genuine, well-known cryptoasset exchange, often using a near-identical domain name and the same branding.

  2. 02

    Victims are directed to it through a social media advertisement, a message from an unsolicited contact, or a search result for the genuine exchange's name.

  3. 03

    An account is opened and a first deposit appears to grow in value on a dashboard the platform controls entirely, encouraging further, larger deposits.

  4. 04

    A withdrawal request is refused, delayed, or met with a demand for a further fee or tax payment before funds can be released, at which point contact typically stops altogether.

Warning signs

  • A domain name that differs, even by a single character, from the genuine exchange's own.
  • No current entry for the platform on the FCA's register of registered cryptoasset firms.
  • A dashboard balance that only ever increases, regardless of actual market movements.
  • A fee, tax or deposit demanded before a withdrawal already requested can be released.
  • Contact made through a messaging app or social media rather than the platform's own verified support channel.

How MetaAshes helps you check

A MetaAshes assessment examines the details a firm has given you against the official record. For this type of fraud, the most relevant checks include:

  • Scope of regulatory permissions
  • Crypto promotion approval
  • Domain registration age
  • FCA Warning List screening
  • Payee name verification

View all 69 checks

If you have already sent money

  1. Contact your bank immediately and explain that you may have been defrauded.
  2. Report it to Report Fraud (formerly Action Fraud) on 0300 123 2040. In Scotland, call Police Scotland on 101.
  3. Report the firm to the Financial Conduct Authority.
  4. Be wary of anyone who later offers to recover your money for a fee.

This alert describes a general type of fraud for information only. It does not refer to any particular firm and is not financial or legal advice.