Cryptocurrency exchange MEXC reported a sharp, 200% increase in coordinated fraudulent trading activity during the first quarter of 2025. MEXC attributes the surge in fraud attempts to its proactive listing strategy, which includes emerging market tokens, as well as its low fee structure.

According to MEXC’s data, much of the activity is concentrated in Asia, with India accounting for nearly 27,000, or a third (33%), of flagged accounts. The Commonwealth of Independent States (CIS) had the next highest number with 6,404 flagged accounts, followed by Indonesia with 5,603. Indonesia saw by far the largest increase with a 1,303% rise in suspicious activity versus Q4 2024, while the CIS region experienced a 245% rise.

Reflecting on how criminals have grown more sophisticated since 2021, when they seemingly focused on decentralized finance platforms, Tracy Jin, COO of MEXC, said:

While 2021 was marked by DeFi exploits, 2025 is increasingly characterized by socially engineered market manipulation. We’ve observed a growing number of so-called ‘educational’ trading groups that appear to be coordinated efforts to mislead users. This trend highlights the importance of user education and proactive protection, especially for younger investors who may be more susceptible to persuasive but harmful narratives.

As noted in a blog post, the surge in fraud across these regions exposes a broader structural issue: user growth in these markets is outpacing financial education and platform literacy. The post cites a report released by the National Centre for Financial Education in February 2025 that found only 27% of Indian adults meet basic financial literacy standards. This is even more pronounced among millennials. This mismatch, MEXC argues, not only exposes individuals to greater fraud risk but also undermines sustainable wealth creation and long-term trust in the ecosystem.

The blog post also highlights the role played by influencers in convincing new users to make certain investment decisions. The post notes that some malicious individuals lure large numbers of users via social media channels promoting “pump groups” or “secret token launches.” In markets with large retail user bases and low financial literacy, these factors increase users’ vulnerability to syndicate recruitment and manipulation.

To counter fraudsters and their schemes, MEXC said it has increased monitoring of small-cap tokens and strengthened risk-monitoring tools that flag anomalous behavior. The crypto exchange is also restricting accounts exhibiting suspicious activity under global anti-money laundering guidelines and internal protocols aligned with Financial Action Task Force recommendations.

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