MEXC flags India as leading source of crypto scams in 2025
MEXC detects significant rise in crypto fraud activities
MEXC, a global cryptocurrency exchange, has reported a significant 200% year-over-year increase in detected trading fraud, identifying 80,057 fraudulent activities in the first quarter of 2025.
India and Indonesia have emerged as leading sources of these fraudulent accounts, with India accounting for nearly 27,000 flagged accounts and Indonesia experiencing a staggering 1,303% increase compared to the previous year, Сrypto.news informs.
Key facts:
- 80,057 fraudulent activities detected in Q1 2025.
- India: ~27,000 flagged accounts (17% increase YoY).
- Indonesia: 5,603 flagged accounts (1,303% increase YoY).
The fraudulent activities encompass wash trading, market manipulation, and bot-driven strategies, often orchestrated by over 3,000 coordinated fraud syndicates. These groups employ sophisticated tactics, including impersonating influencers and offering misleading financial advice, to exploit unsuspecting traders. MEXC's Chief Operating Officer, Tracy Jin, emphasized the role of financial illiteracy in emerging markets as a contributing factor to the surge in fraud.
MEXC warns of increased global crypto fraud activity
According to MEXC, the rapid rise in fraud may be due to low levels of financial literacy in emerging markets, where many newcomers are just beginning to venture into cryptocurrencies. This makes them particularly vulnerable to social engineering techniques, said MEXC Chief Operating Officer Tracy Jean.
Attackers often masquerade as reputable experts and spread supposedly useful investment advice. However, their real goal is to manipulate token prices and use gullible traders to exit the market. In response, MEXC intends to strengthen educational initiatives to raise user awareness and reduce the risks of such attacks.
In response, MEXC has implemented advanced risk control measures and plans to launch educational initiatives aimed at enhancing user awareness and protection. The exchange's efforts underscore the importance of proactive measures in safeguarding the integrity of the cryptocurrency market.
We previously wrote that MEXC holds draw for prizes, USDT, and mystery boxes.
