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 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, vital 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 internet portal may even present details about the fund’s construction, coated eventualities and ongoing compensation circumstances.
In accordance to the corporate, the fund will provide protection in circumstances the place MEXC methods 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,” 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 assets to affected customers.
A spokesperson informed Cointelegraph that each one compensation choices are reviewed and authorized by MEXC’s “devoted inner staff,” which incorporates members from the chance management, compliance and safety departments.
They added that when an incident is verified and reviewed, affected customers will bear a handbook eligibility evaluation. “Our inner staff will collect all related info and decide the suitable compensation based mostly on the character and extent of the loss,” the spokesperson stated.
At the moment, 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 improve transparency and oversight sooner or later.
The fund accounts for about 2.5% of MEXC’s every day buying and selling quantity. Information from CoinMarketCap shows the alternate had $3.98 billion in spot buying and selling quantity over the previous day.
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Crypto market suffering from 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 throughout the first quarter of 2025, in accordance to an April report from blockchain safety agency PeckShield. The bulk, over $1.5 billion, was linked to a single exploit targeting centralized exchange Bybit, allegedly carried out by North Korea’s Lazarus Group.
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