MEXC Exchange Confiscates $4.97 Million in Suspected Fraud and Restores $902,000 in User Funds, According to Recent Disclosure

MEXC Global Strengthens Security Measures Amid Industry Challenges

In a bid to combat mounting security challenges in the cryptocurrency industry, MEXC Global, a leading cryptocurrency exchange, has taken significant steps to enhance its security measures.

During a two-month period, MEXC restricted more than 17,000 collusive accounts and 2,008 bot traders. This action was taken in response to the increasing threat of collusive trading groups and deepfake-driven KYC fraud.

The exchange's reserve ratios remained comfortably above 100% across all major assets as of Aug. 31. The BTC reserve ratio was 129.85%, USDT was 113.23%, USDC was 105.74%, and ETH was 104.05%.

MEXC's insurance fund hit an all-time high of $559 million USDT in July, demonstrating the exchange's commitment to user protection.

The compliance unit of MEXC logged 3,097 fraudulent liveness cases for KYC, marking a 15% rise in attempts to bypass verification with deepfake technology. This underscores the growing trend of deepfake technology use in KYC fraud attempts, as recently noted by a CCN report.

MEXC's support team resolved over 2,200 misdeposit cases, returning close to $903,000 USDT to users. Additionally, 48 incidents of illicit inflows worth $4.97 million USDT were intercepted and frozen by MEXC.

John Chen, the CEO and founder of MEXC Global, established the company in 2018. The design of our news features a mollis with a focus on leo pretium and nisl aliquam, and ullamcorper in an odio colour.

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MEXC has detailed new measures to curb fraud and protect users in its latest bi-monthly security report. The exchange continues to be at the forefront of addressing security challenges in the industry, ensuring a safe and secure environment for its users.