MEXC Crypto Exchange revealed that India and Indonesia will take the lead in transaction fraud detected on the platform, up 200% last year.
Cryptocurrency is becoming ever more refined, and so is crypto crime. On Friday, May 30th, Crypto Exchange MEXC reported that scams detected on its platform had risen 200% year-on-year. The platform identified 80,057 attempts of fraud in the first quarter of 2025, twice the number of times in the same quarter the previous year.
Identified cases include washing trading, market manipulation and bot trading strategies. These were carried out by over 3,000 individual fraud syndicates, each coordinated to gain an unfair advantage in the market.
India has emerged as a major hub for crypto fraud, with MEXC flagging 27,000 accounts, up 17% from the first quarter of 2024. Indonesia ranked second on 5,603 flagged accounts.

Distribution of fraud across major countries and regions | Source: MEXC
Also, fraudulent accounts have increased by 245% across independent countries, including several countries in the former Soviet Union. MEXC has identified 6,404 fraudulent accounts from the region.
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Financial literacy, influencers behind crypto fraud: MEXC
According to MEXC, the surge in fraud could be linked to a lack of financial literacy in emerging markets where many new users are entering the crypto space. This makes them more vulnerable to social engineering attacks, explained MEXC COO Tracy Jin.
Scammers often pose as influencers and present themselves as offering valuable financial advice. In reality, these groups manipulate the price of the token and use unsuspecting traders as exit liquidity.
“We observed an increasing number of so-called ‘educational’ trading groups that appear to be coordinated efforts to mislead users. This trend underscores the importance of user education and positive protection, especially for young investors who may be more sensitive to persuasive but harmful narratives,” says Tracy Jin, MEXC.
Mexc has addressed the issue by revealing plans for several education initiatives, pointing out that there is little that can be done to stop these types of attacks besides educating users.
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