Mexc Crypto Exchange observed a 200% wave over one quarter to the other of fraudulent negotiation activities between January and March 2025, he said in his quarterly report.
According to the exchange, 80,057 organized fraud attempts of more than 3,000 fraud unions were identified in the first quarter. The fraudulent activity included market manipulation, washing trading and automated trading robots exploiting users through “unjust” commercial execution.
Mexc said that the increase in fraud was the most pronounced in India, the scholarship reporting nearly 27,000 accounts for a suspicious activity, followed by the Independent States Region (CIS) and Indonesia, which had 6404 and 5,603 accounts, respectively.
Tracy Jin, head of the MEXC exploitation, said that fraudulent activity was fueled by a constant flow of victims without distrust channeled by social engineering scams. Jin added:
“While 2021 was marked by DEFI exploits, 2025 is increasingly characterized by manipulation of the socially designed market. We have observed an increasing number of so -called “educational” commercial groups which seem to be coordinated efforts to mislead users.
A lack of education on cryptocurrencies and trade was the deep cause of the increase in fraud, many new users in these countries entering the markets before understanding scams and financial engineering traps targeting users of Crypto, said Mexc.
https://www.youtube.com/watch?v=vlickjsip8
The recent results of the exchange highlight the need for education and awareness of common scams targeting crypto users to avoid taking prey to malicious actors.
In relation: The Exercise Industry sounds alarm on the phishing letter from the large book delivered by USPS
Social engineering attacks amplify in the first half of 2025
In April 2025, ONCHAIN ZACKXBT detective revealed incident details on an elderly person who lost $ 330 million in Bitcoin (BTC) in a social engineering scam.
According to a subsequent update from Zackxbt, the Binance security team and other blockchain security companies have helped to freeze $ 330 million.
Crypto Exchange Coinbase revealed a data violation and an attempt at a subsequent ransom, which has a potentially impact up to 70,000 exchange customers in May 2025.
https://www.youtube.com/watch?v=t06mvwz6ngm
The threat stakeholders have succeeded with customer identification data, including names, addresses and telephone numbers, but no private key or user funds were compromised during data violation.
However, the founder of Techcrunch, Michael Arrington, warned that data violation has probably put investors in physical danger by revealing their contact details.
Review: Coinbase Hack shows that the law will probably not protect you: here is why
