Crypto alternate MEXC has rolled out a $100 million consumer safety fund aimed toward shielding its customers from main platform breaches, technical failures or different severe safety threats.
The fund is structured to compensate customers within the occasion of main safety incidents, together with breaches of the platform’s infrastructure, important system vulnerabilities or large-scale focused hacks, the alternate informed Cointelegraph.
MEXC has additionally printed pockets addresses linked to the fund on its web site, permitting customers to confirm balances and monitor fund exercise in real-time. A devoted net portal may even present details about the fund’s construction, lined eventualities and ongoing compensation circumstances.
In line with the corporate, the fund will provide protection in circumstances the place MEXC programs are instantly compromised or affected by severe vulnerabilities.
“This isn’t nearly guarantees, it’s about accountability and delivering seen safeguards once they matter most,” stated Tracy Jin, MEXC’s chief working officer.
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Designed for fast deployment
In contrast to conventional insurance coverage fashions, which frequently require prolonged claims processes, MEXC’s fund is designed for fast deployment, the alternate stated. As soon as an incident is confirmed, the alternate can instantly allocate sources to affected customers.
A spokesperson informed Cointelegraph that each one compensation choices are reviewed and authorized by MEXC’s “devoted inside staff,” which incorporates members from the danger management, compliance and safety departments.
They added that when an incident is verified and reviewed, affected customers will bear a handbook eligibility evaluation. “Our inside staff will collect all related data and decide the suitable compensation based mostly on the character and extent of the loss,” the spokesperson stated.
Presently, the fund administration is dealt with in-house. Nonetheless, the alternate stated they’re exploring partnerships with respected third-party auditing and danger management entities to boost transparency and oversight sooner or later.
The fund accounts for about 2.5% of MEXC’s each day buying and selling quantity. Knowledge from CoinMarketCap reveals the alternate had $3.98 billion in spot buying and selling quantity over the previous day.
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Crypto market tormented by hacks
The launch follows a string of high-profile safety breaches throughout the crypto trade.
Hackers made off with over $1.6 billion in crypto in the course of the first quarter of 2025, in accordance with an April report from blockchain safety agency PeckShield. The bulk, over $1.5 billion, was linked to a single exploit concentrating on centralized alternate Bybit, allegedly carried out by North Korea’s Lazarus Group.
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