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Global crypto exchange MEXC said its insurance fund hit an all-time high of $559 million USDT in July, as the firm detailed new measures to curb fraud and protect users in its latest bi-monthly security report.
The July–August update highlighted how the exchange is responding to mounting security challenges in the industry, from collusive trading groups to deepfake-driven KYC fraud. MEXC said its reserve ratios remained comfortably above 100% across all major assets — with BTC at 129.85%, ETH at 104.05%, USDT at 113.23% and USDC at 105.74% as of Aug. 31 — underscoring the platform’s ability to back customer funds while keeping liquidity buffers.
The firm also reported progress in tackling market manipulation. More than 17,000 collusive accounts and 2,008 bot traders were restricted in the two-month period, while 48 incidents of illicit inflows worth $4.97 million USDT were intercepted and frozen. According to MEXC, its support team resolved over 2,200 misdeposit cases, returning close to $903,000 USDT to users who had mistakenly sent assets to the wrong addresses.
Beyond numbers, the exchange flagged an evolving fraud landscape. Its compliance unit logged 3,097 fraudulent liveness cases for KYC, marking a 15% rise in attempts to bypass verification with deepfake technology — a trend also noted in a recent CCN report.
The disclosure comes as rival exchanges also lean on security updates to reassure customers. Binance recently boosted its Secure Asset Fund for Users (SAFU) to $1 billion, while OKX released its latest proof-of-reserves attestation in August. Meanwhile, blockchain analytics firm Chainalysis estimates over $2 billion in crypto thefts have already occurred in the first half of 2025, setting the stage for a record year in digital asset crime.
