In today’s cryptocurrency news, MEXC exchange reveals a staggering 200% increase in fraudulent attempts in Q1 2025. Meanwhile, NFT giant OpenSea announces the launch of its new platform, and the US Securities and Exchange Commission (SEC) withdraws its lawsuit against Binance.
MEXC Experiences 200% Uptick in Fraudulent Activities in Q1
MEXC, a leading crypto exchange, reported a 200% spike in fraudulent trading activities from January to March 2025. The exchange identified over 80,000 organized fraud attempts from more than 3,000 syndicates during this period. The fraudulent actions included market manipulation, wash trading, and the exploitation of users via automated trading bots implementing “unfair” trade execution.
India saw the most significant increase in fraud, with nearly 27,000 accounts flagged for suspicious activities. The Commonwealth of Independent States (CIS) region and Indonesia followed, with 6,404 and 6,603 accounts flagged, respectively.
MEXC COO, Tracy Jin, stated that these fraudulent activities were fueled by an influx of unsuspecting victims targeted by social engineering scams.
OpenSea Debuts OS2, Expanding Beyond NFTs
OpenSea, a major NFT marketplace, has officially launched its new platform, OS2, marking the end of its beta phase. The updated platform supports full token trading across 14 blockchains and introduces tools aimed at enhancing cross-chain functionality. This expansion positions OpenSea as a platform that transcends NFTs.
OpenSea CMO, Adam Hollander, emphasized the company’s belief in a broader vision where all onchain elements should be liquid and easily discoverable in one place. Despite a market slowdown, OpenSea reports encouraging signs of user retention and growth.
SEC Abandons Binance Lawsuit
On May 29, the SEC requested a federal court in Washington, DC, to allow it to withdraw its long-standing lawsuit against crypto exchange Binance and its founder, Changpeng Zhao. This marks another retreat from the crypto industry by the SEC under the Trump administration, following similar moves involving Coinbase, Consensus, and Kraken.
