The exchange’s management issued a statement regarding the financial difficulties allegations that have been circulating on social media regarding the MEXC exchange in recent days.
The discussion began when a user’s request to withdraw approximately $3 million worth of stablecoins was initially denied, but the transaction was approved after subsequent responses.
In a statement, MEXC defended the allegations as baseless:
“Recently, unsubstantiated rumors have been circulating online regarding MEXC’s financial situation. We would like to state unequivocally that these claims are false and misleading. MEXC has a strong financial structure. All user assets are fully collateralized and our Proof of Reserve (PoR) data shows that major assets are backed by over 100% collateral.”
The statement also noted that a transparent proof-of-reserve system with a Merkle tree structure is used, allowing users to independently verify their holdings. MEXC said current PoR data will be updated overnight for user verification.
The exchange claimed that financial reserve data is available not only on its website but also from multiple sources including CoinMarketCap, CoinGecko, and DefiLlama. It also pointed out that the address of the $100 million Guardian Fund, which was previously set up to protect user assets, has been made public.
MEXC included the following statement at the end of the statement:
Operations on all platforms will continue as normal. We ask our community not to share or engage with unverified information. We would like to thank all users who followed the official announcement.
*This is not investment advice.
