MEXC chief operating officer Tracy Jin said the fraud was primarily caused by social engineering scams targeting new, uneducated users.
The MEXC crypto exchange observed a 200% quarter-over-quarter surge in fraudulent trading activity between January and March 2025, it said in its quarterly report.
According to the exchange, 80,057 organized fraud attempts from over 3,000 fraud syndicates were identified in Q1. The fraudulent activity included market manipulation, wash trading, and automated trading bots exploiting users through “unfair” trading execution.
MEXC said that the rise in fraud was most pronounced in India, with the exchange flagging nearly 27,000 accounts for suspicious activity, followed by the Commonwealth of Independent States (CIS) region and Indonesia, which had 6,404 and 5,603 accounts flagged, respectively.
