MEXC detects 200% surge in fraud during Q1
MEXC crypto exchange reported a 200% increase in fraudulent trading activity from January to March 2025, identifying 80,057 fraud attempts from over 3,000 syndicates. Key fraudulent activities included market manipulation, wash trading, and exploitation through automated trading bots. The highest fraud rates were in India, with nearly 27,000 flagged accounts, followed by the CIS region and Indonesia with 6,404 and 5,603 accounts, respectively. MEXC's COO attributed the rise in fraud to social engineering scams targeting unsuspecting victims and emphasized the need for education on cryptocurrency risks. In April 2025, an elderly individual lost $330 million in a social engineering scam, with $7 million later frozen by security teams. In May 2025, Coinbase experienced a data breach affecting up to 70,000 customers, compromising personal identification data but not user funds. Concerns were raised about potential physical danger to investors due to exposed contact information.
