In the first quarter of 2025, the cryptocurrency exchange MEXC recorded a sharp increase in fraudulent activity — up 200% compared to the previous period. According to the report, over 80,000 fraud cases were identified, coordinated by more than 3,000 syndicates. The most popular regions for crypto scammers have become India, Indonesia, and the CIS countries.
In India, MEXC identified about 27,000 suspicious accounts, accounting for one-third of all recorded cases. In Indonesia, the number of fraudulent accounts increased by an impressive 1303% compared to 2024, reaching 5,603. In the CIS countries, 6,404 fraud accounts were detected. The main methods used by scammers include market manipulation, wash trading, and the use of automated bots.
Tracy Jin, the Chief Operating Officer of MEXC, noted that the low level of financial literacy in these regions makes users vulnerable to social engineering. Fraudsters often impersonate influencers, offering fake trading signals through Telegram and YouTube. To counter this, MEXC is launching educational campaigns and strengthening security measures.
The exchange urges traders to remain vigilant and verify information sources. Subscribe to #MiningUpdates to receive the latest news about the crypto market!
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