Catenaa, Thursday, September 17, 2026- Crypto exchange MEXC said it intercepted 215 cases involving about 38.7 million USDT in stolen or fraud-linked funds during July and August as it expanded account monitoring and asset-recovery efforts.
The exchange said 42 of the cases involved assistance with judicial freezes.
MEXC also identified and restricted 20,752 accounts associated with risk activity during the two-month period, more than double the number reported for May and June.
The company identified 5,288 groups of related accounts, with the largest numbers originating from the Commonwealth of Independent States, Nigeria and Indonesia.
MEXC said it shared suspicious wallet addresses with other industry participants and assisted law enforcement with tracing, verification and asset-freezing procedures.
The exchange also processed 818 requests involving crypto sent to incorrect addresses or networks, returning assets worth about 602,225 USDT to users.
Its report comes as exchanges face increasing pressure to identify proceeds from hacks, phishing schemes and other crypto-related fraud before funds are moved through multiple platforms or converted into other assets.
MEXC said 184 security incidents across the wider cryptocurrency industry resulted in about $535 million in reported losses during July and August.
Phishing, fraud, compromised user devices and supply-chain attacks accounted for about 48% of the incidents, according to the exchange’s compilation of industry data.
MEXC also reported that its futures insurance fund reached 791.7 million USDT as of September 1, up 5.4% from the previous reporting period.
The fund stood at about 751 million USDT at the end of June.
Futures exchanges use insurance funds to cover shortfalls when liquidated positions cannot be closed at their bankruptcy price. The mechanism can reduce the need to automatically deleverage positions held by other traders during extreme market moves.
MEXC separately reported reserve ratios of about 288% for bitcoin, 113% for ether, 115% for USDT and 114% for USDC.
Its bitcoin wallets held about 12,313 BTC against user balances of approximately 4,282 BTC, according to the figures released by the company.
MEXC has been publishing monthly proof-of-reserves reports, with its recent reports audited by blockchain security company Hacken.
Proof-of-reserves can demonstrate that identified onchain assets cover reported customer balances at a particular point in time. However, such reports do not by themselves disclose all of an exchange’s liabilities or provide the same information as a full financial audit.
MEXC also plans to expand its separate Guardian Fund from $100 million to $500 million, using a combination of bitcoin and USDT as reserves.
