3 days ago
Crypto speech MEXC has rolled retired a $100 cardinal idiosyncratic extortion money aimed astatine shielding its users from large level breaches, method failures oregon different superior information threats.
The money is structured to compensate users successful the lawsuit of large information incidents, including breaches of the platform’s infrastructure, captious strategy vulnerabilities oregon large-scale targeted hacks, the speech told Cointelegraph.
MEXC has besides published wallet addresses linked to the money connected its website, allowing users to verify balances and show money enactment successful real-time. A dedicated web portal volition besides supply accusation astir the fund’s structure, covered scenarios and ongoing compensation cases.
According to the company, the money volition connection sum successful cases wherever MEXC systems are straight compromised oregon affected by superior vulnerabilities.
“This isn’t conscionable astir promises, it’s astir accountability and delivering disposable safeguards erstwhile they substance most,” said Tracy Jin, MEXC’s main operating officer.
MEXC’s $100 cardinal idiosyncratic extortion fund. Source: EtherscanRelated: MEXC detects 200% surge successful fraud during Q1
Designed for speedy deployment
Unlike accepted security models, which often necessitate lengthy claims processes, MEXC’s money is designed for speedy deployment, the speech said. Once an incidental is confirmed, the speech tin instantly allocate resources to affected users.
A spokesperson told Cointelegraph that each compensation decisions are reviewed and approved by MEXC’s “dedicated interior team,” which includes members from the hazard control, compliance and information departments.
They added that erstwhile an incidental is verified and reviewed, affected users volition acquisition a manual eligibility assessment. “Our interior squad volition stitchery each applicable accusation and find the due compensation based connected the quality and grade of the loss,” the spokesperson said.
Currently, the money absorption is handled in-house. However, the speech said they are exploring partnerships with reputable third-party auditing and hazard power entities to heighten transparency and oversight successful the future.
The money accounts for astir 2.5% of MEXC’s daily trading volume. Data from CoinMarketCap shows the speech had $3.98 cardinal successful spot trading measurement implicit the past day.
Related: $2.1B hacked successful 2025: hackers exploit quality behaviour
Crypto marketplace plagued by hacks
The motorboat follows a drawstring of high-profile information breaches crossed the crypto industry.
Hackers made disconnected with implicit $1.6 billion successful crypto during the archetypal 4th of 2025, according to an April study from blockchain information steadfast PeckShield. The majority, implicit $1.5 billion, was linked to a single exploit targeting centralized speech Bybit, allegedly carried retired by North Korea’s Lazarus Group.
Magazine: Elon Musk Dogecoin pump incoming? SOL tipped to deed $300 successful 2025: Trade Secrets
English (US) 