India, Indonesia, and CIS at the Top of the Fraud Activity Rankings

The cryptocurrency exchange MEXC has reported a threefold increase in coordinated trading fraud activities in the first quarter of 2025. The majority of these incidents were concentrated in India, Indonesia, and the CIS countries.

The platform identified 80,057 organized fraud attempts, which included money laundering, market manipulation, and the use of trading bots. MEXC uncovered more than 3,000 distinct syndicates involved in these activities.

India topped the list with nearly 27,000 incidents of violations, followed by the CIS countries with 6,404 and Indonesia with 5,603. Notably, Indonesia recorded the most significant rise in suspicious behavior—up 1,303% compared to the previous quarter—while the CIS experienced a 245% increase.

MEXC attributed this surge to the rapid growth in user numbers, which outpaces the level of financial education. Research indicates that only 27% of India’s adult population meets basic financial literacy standards.

Fraudsters often disguise themselves as experts or influencers, luring users into Telegram channels and YouTube, where they promote «pump groups» or «secret token launches.»

In Indonesia and the CIS, the appeal for risky speculation is fueled by the instability of local currencies and low income, creating an environment conducive to manipulation under the guise of financial advice.

*»While 2021 was marked by attacks on DeFi, 2025 increasingly shows a trend of social engineering manipulations in the market. We are witnessing a rise in so-called ‘educational’ trading groups, which are, in reality, coordinated efforts to mislead users,»* stated MEXC CEO Tracy Jin.

Looking ahead, the platform plans to update its Risk Management Guidelines and launch educational initiatives in the most vulnerable regions. Additionally, the exchange announced the MEXC Guardian Safe Trading campaign and a fund aimed at providing financial protection for its users.

It’s worth noting that in May, the damage to the crypto industry from hacks reached $244 million, as reported by PeckShield.