MEXC Faces Fresh Scandal: Partners Call Out Scams and Token Price Drops

MEXC, a crypto exchange with a checkered past, has once again found itself in the crosshairs after recent allegations from partners concerning scams and token manipulation. These partners claim their collaborations with MEXC have led to project token price drops and dismal experiences.

This is not the first time MEXC has faced controversy. In the past months, the exchange was accused of scamming users. Trendoshi.eth detailed MEXC’s alleged misdeeds in a tweet, revealing that during DEFI summer 2020, Dos discovered MEXC had only half the 17M DOS tokens they claimed in their wallets. By selling more tokens than they possessed, MEXC was able to artificially deflate prices, executing an elaborate scam.

To mitigate the damage, Dos airdropped a new token, excluding MEXC from the process. Following this incident, other projects came forward, claiming to have had similar experiences with the exchange.

In a particularly egregious case, MEXC purportedly stole millions of SORA tokens in August 2020. The exchange froze SORA withdrawals, dumped the tokens on Uniswap, delisted SORA, and never allowed withdrawals, as they had no tokens left to return.

Despite rebranding from MXC to MEXC in an attempt to sanitize their image, the same perpetrators continue to operate the exchange, perpetuating its cycle of scams.

The pros and cons of using crypto exchanges like MEXC must be carefully weighed. While exchanges can provide a platform for trading and investing in various cryptocurrencies, they can also expose users to risks like scams, fraud, and market manipulation.

As the future of cryptocurrency becomes increasingly bright, it is crucial for users to conduct due diligence when selecting an exchange to minimize potential losses and ensure a secure trading experience.

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