Exchangeup is a scam crypto platform set up to defraud would-be investors out of their cash.
The platform claims to offer crypto trading and mining facilities. However, anyone who deposits money here will lose it.
Investors are often introduced to Exchangeup by someone they’ve recently met online. This may be a person who’s using a social media app and has sent the message ‘by mistake’, intending it for another recipient, although this is actually part of the ruse.
The victim is promised big returns for little risk and encouraged to deposit increasingly larger sums onto the platform, often seeing alleged profits accumulating in their account.
At first, the victim may even be able to make small withdrawals, but if they try to take out all their cash they’ll be blocked from doing so.
The scammers will then demand large fees to release the funds. However, if these are paid further demands will follow and no money will be returned.
Tell-tale signs that Exchangeup is a scam
The Exchangeup scam is easy to spot for several reasons, including:
- A very rudimentary website design, and one that’s replicated on many scam sites.
- No explanation as to how the improbably profits are achieved.
- No licensing or regulator information from a relevant financial body.
- No social media profiles or apps.
- Multiple reports of the platform being a scam.
- A very low Domain Authority rating indicating that the platform is a scam.
- A tab that states the platform is called ‘compounddefi’ rathe than the name on the site. This is a common error found on scam platforms.
It’s highly unlikely you’ll be able to retrieve your funds from the platform, but it’s still worth reporting it to the fraud authorities where you live.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.
