Crypto trade MEXC has rolled out a $100 million consumer safety fund aimed toward shielding its customers from main platform breaches, technical failures or different critical safety threats.
The fund is structured to compensate customers within the occasion of main safety incidents, together with breaches of the platform’s infrastructure, essential system vulnerabilities or large-scale focused hacks, the trade informed Cointelegraph.
MEXC has additionally revealed pockets addresses linked to the fund on its web site, permitting customers to confirm balances and monitor fund exercise in real-time. A devoted internet portal may also present details about the fund’s construction, coated eventualities and ongoing compensation instances.
In accordance with the corporate, the fund will supply protection in instances the place MEXC programs are straight compromised or affected by critical vulnerabilities.
“This isn’t nearly guarantees, it’s about accountability and delivering seen safeguards once they matter most,” mentioned Tracy Jin, MEXC’s chief working officer.
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Designed for fast deployment
Not like conventional insurance coverage fashions, which frequently require prolonged claims processes, MEXC’s fund is designed for fast deployment, the trade mentioned. As soon as an incident is confirmed, the trade can instantly allocate assets to affected customers.
A spokesperson informed Cointelegraph that every one compensation choices are reviewed and accredited by MEXC’s “devoted inner workforce,” which incorporates members from the danger management, compliance and safety departments.
They added that after an incident is verified and reviewed, affected customers will endure a handbook eligibility evaluation. “Our inner workforce will collect all related info and decide the suitable compensation primarily based on the character and extent of the loss,” the spokesperson mentioned.
At the moment, the fund administration is dealt with in-house. Nevertheless, the trade mentioned they’re exploring partnerships with respected third-party auditing and danger management entities to reinforce 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 trade 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 response to an April report from blockchain safety agency PeckShield. The bulk, over $1.5 billion, was linked to a single exploit focusing on centralized trade Bybit, allegedly carried out by North Korea’s Lazarus Group.
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