MEXC Reports 200% Surge in Crypto Fraud, Citing India and Indonesia as Key Hotspots

Crypto crime is on the rise—and MEXC is sounding the alarm. The global cryptocurrency exchange reported a 200% increase in detected fraudulent activity on its platform over the past year, with India and Indonesia emerging as the most affected regions.

In a May 30 update, MEXC revealed it identified 80,057 fraud attempts in Q1 2025, doubling the number from the same period in 2024. These incidents ranged from wash trading and market manipulation to bot-driven schemes, executed by more than 3,000 coordinated fraud syndicates attempting to distort market dynamics.

India topped the list with nearly 27,000 flagged accounts, marking a 17% increase year over year. Indonesia followed with 5,603 accounts, a staggering 1,303% spike compared to the previous year. The Commonwealth of Independent States (CIS) also saw a dramatic 245% rise, with 6,404 fraudulent accounts detected.

According to MEXC Chief Operating Officer Tracy Jin, the steep increase is largely due to low financial literacy in emerging markets, where many users are new to crypto and less equipped to spot scams.

“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,” said Jin.

These groups often masquerade as influencer-led communities, claiming to offer financial advice while manipulating token prices behind the scenes.

The report underlines a disturbing trend: fraudsters are becoming more sophisticated, leveraging social engineering and online personas to deceive inexperienced traders. Victims are often unknowingly used as exit liquidity in pump-and-dump schemes orchestrated through private channels.

While MEXC employs advanced detection systems to flag suspicious activity, the company admits that technical safeguards can only go so far. “There’s no substitute for informed users,” Jin added. To address the issue, MEXC plans to roll out a series of educational campaigns and resources aimed at helping investors—especially younger ones—navigate crypto markets safely and responsibly.