Mexican Exchange MEXC Freezes Over 1,500 Accounts Connected to Multi-Million Dollar Market Manipulation
MEXC has detected and suspended more than 1,500 accounts implicated in a coordinated market manipulation operation across Vietnam and CIS nations.
The cryptocurrency exchange MEXC has frozen over 1,500 accounts associated with what it refers to as a “large-scale coordinated group of market manipulators” following an internal investigation that revealed the existence of two orchestrated groups operating in Vietnam and CIS countries, with some accounts exhibiting daily trading volumes surpassing $20 million.
In a blog post, MEXC explained that these groups were involved in tactics such as “self-trading, spoofing, layering, front-running, and quote stuffing,” among other manipulative activities. The exchange noted that these coordinated malicious trading behaviors have “increased by 60% from January to February 2025 compared to the end of 2024.” These schemes are reportedly utilizing “institutional-level access to liquidity, infrastructure, and algorithmic strategies.”
“We are witnessing a shift in the nature of manipulations from retail to group and even quasi-institutional levels, posing systemic risks for individual exchanges and the overall market infrastructure.”
MEXC
The exchange has announced measures to alleviate the impact, which includes reversing suspicious transactions and suspending all identified accounts. Additionally, it has put a monitoring system in place for suspicious accounts, subjecting flagged participants to “enhanced surveillance for at least 30 days.”
Earlier in March, blockchain investigator ZachXBT described the nearly $1.5 billion Bybit hack as “eye opening,” cautioning that without government regulations, the industry’s security issues may persist, potentially “damaging our entire industry.” According to ZachXBT, numerous “decentralized” protocols—such as eXch and THORChain—have accumulated nearly all their monthly volume and fees from transactions connected to North Korea. Despite this, the investigator asserts that these entities “refuse to take any responsibility.”
