A graphic error on TradingView temporarily caused the price of Bitcoin to drop to zero on the MEXC platform. This sparked widespread controversy on social media, but the glitch was not evident on the MEXC platform itself.
Nevertheless, the trading volume on MEXC increased by more than 51% in the past 24 hours. Unverified rumors can spread quickly if left unaddressed, potentially leading to widespread sell-offs of digital currencies and chaos in the market.
Error in Bitcoin on MEXC
MEXC, a centralized exchange based in Seychelles, is focusing on further improvements this year. After surpassing its competitors with meme coin listings in 2024, it announced today that it would shift from quantity to quality. However, other events overshadowed this transition, as traders reported that the value of Bitcoin temporarily dropped to zero on the MEXC platform.
This immediately caused a stir on social media, as this error in the Bitcoin price would severely impact users of the MEXC exchange. If the price of Bitcoin dropped from over $100,000 to $0, it would immediately liquidate all users' long positions.
This scandal could be worse than the JELLYJELLY incident that occurred with Hyperliquid, as it may have been caused by a site error rather than trader activity. Nevertheless, the MEXC team took to social media to address the alleged Bitcoin crash, claiming it only occurred on the TradingView site.
We recently learned about some posts on certain accounts claiming that the Bitcoin candlestick index on the MEXC exchange had dropped to 0. We would like to clarify that this was just a display error on the TradingView platform on June 5, and there was no similar issue on the official MEXC exchange site, where everything was functioning normally, according to the developers.
The MEXC team announced its collaboration with TradingView to diagnose the Bitcoin display error and prevent its recurrence. They also urged the community to independently verify rumors posted on social media and to contact customer service in case of any issues. However, this announcement came hours after the incident occurred.
The trading volume on the MEXC exchange increased by more than 51% in the past 24 hours, mainly due to a display error in Bitcoin. However, it is currently unclear whether this increase in volume was caused by users selling their assets, but it is likely to be the reason.
All of this shows the importance of verifying information and combating false rumors. The MEXC exchange had no connection to the Bitcoin display error, but it still faces allegations of fraud. The rapidly evolving cryptocurrency sector relies on community sentiment, ultimately.
It requires strict security measures to prevent the escalation of incidents
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