There are not more than 400 to 500 exchanges that are legit,
400-500 exchanges? That's honestly way too much.
I think that's for overall but when you are counting the legit exchange site and there will be only less than 100 exchange sites that can be trusted and remember that if the volume gets centralized to the big exchange site. I think that we should not count all of exchange sites and consider these as legit exchange sites.