Crypto exchange MEXC freezes 1.5k+ accounts tied to multi-million market manipulation

Mexc has identified and suspended more than 1,500 accounts involved in a coordinated market manipulation program covering the countries of Vietnam and CIS.

Cryptocurrency exchange Mexc Graded more than 1,500 accounts related to what he describes as a “coordinated group of large -scale market manipulators” after his internal investigation discovered two coordinated groups operating in Vietnam and CIS countries, some accounts showing daily negotiation volumes exceeding $ 20 million.

In a blogMexc said the groups have engaged in practices such as “self-attraition, usurpation, overlapping, the first round, the farce of quotes” as well as other market manipulative behaviors. According to the stock market calculations, the malware negotiation activities coordinated “increased from 60% from January to February 2025 compared to the end of 2024.” The exchange said that these regimes are increasingly using “access to the institutional level to liquidity, infrastructure and algorithmic strategies”.

“We record the transformation of retail manipulations to the group and even at the quasi-institutional level, which contains systemic risks for individual exchanges and the market infrastructure as a whole.”

Mexc

The exchange said it had taken measures to mitigate the impact, in particular the withdrawal of suspicious transactions and the suspension of all identified accounts. He also implemented a monitoring system for suspect accounts, placing the participants reported under “improved surveillance for at least 30 days”.

Earlier in March, Blockchain Sleuth Zachxbt called The by Bybit of nearly $ 1.5 billion “eyes opening”, warning that industry security problems may not improve without government regulations which could “harm our entire industry”. According to Zachxbt, several “decentralized” protocols – for example, Echs and Thorchain, among others – have generated almost all their monthly volumes and the costs of transactions linked to North Korea. Despite this, notes the investigator, they “refuse to take any responsibility”.