India, Indonesia, and CIS Lead in Fraudulent Activity Rankings

The cryptocurrency exchange MEXC reported a threefold increase in coordinated trading fraud in the first quarter of 2025, with the majority occurring in India, Indonesia, and CIS countries.

The platform identified 80,057 attempts at organized fraud, including money laundering, market manipulation, and the use of trading bots. MEXC discovered over 3,000 separate syndicates.

India led in the number of violations with nearly 27,000 incidents, followed by the CIS (6,404) and Indonesia (5,603). Indonesia recorded the most significant rise in suspicious activity, up 1,303% compared to the previous quarter. In the CIS countries, the figure increased by 245%.

MEXC linked the surge to the rapid growth in user numbers, which outpaces 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, interest in risky speculation is fueled by local currency instability and low income, creating fertile ground for manipulation under the guise of financial advice.

“If 2021 was marked by attacks on DeFi, then 2025 is increasingly characterized by social engineering manipulations in the market. We are witnessing the rise of so-called ‘educational’ trading groups, which are in fact coordinated attempts to mislead users,” said MEXC CEO Tracy Jin.

In the future, the platform plans to update its Risk Control Guide and launch educational programs in the most vulnerable regions. The exchange also announced the MEXC Guardian Safe Trading campaign and a fund for user financial protection.

Back in May, losses to the crypto industry from hacks reached $244 million, according to PeckShield.