MEXC Reports 200% Surge in Crypto Scams—India and Indonesia Top the List
Crypto exchange MEXC drops a bombshell: fraud cases skyrocket by 200%, with India and Indonesia bearing the brunt. Another day, another reason for regulators to clutch their pearls—and their spreadsheets.
Scammers are having a field day while the ’finance experts’ scramble to keep up. Who needs decentralized chaos when traditional fraud works just fine?
Distribution of fraud across major countries and regions | Source: MEXC
There was also a 245% increase in fraudulent accounts across the Commonwealth of Independent States, which includes several countries of the former Soviet Union. MEXC identified 6,404 fraudulent accounts from this region.
Financial literacy, influencers behind crypto fraud: MEXC
According to MEXC, the surge in fraud is likely tied to a lack of financial literacy in emerging markets, where many new users are entering the crypto space. This makes them more vulnerable to social engineering attacks, MEXC COO Tracy Jin explained.
Fraudsters often pose as influencers and present themselves as offering valuable financial advice. In reality, these groups manipulate token prices and use unsuspecting traders as exit liquidity.
“We’ve observed a growing number of so-called ‘educational’ trading groups that appear to be coordinated efforts to mislead users. This trend highlights the importance of user education and proactive protection, especially for younger investors who may be more susceptible to persuasive but harmful narratives,” Tracy Jin, MEXC.
MEXC noted that there is little that can be done to stop these kinds of attacks besides educating users and revealed plans for several educational initiatives to tackle the issue.
