Crypto exchange MEXC has announced the launch of a $100 million user protection fund designed to cover losses from serious incidents such as hacks and system failures.
Fund of $100 Million for User Protection
The fund will serve as a financial shield for MEXC users in cases of system compromise or critical vulnerabilities. Internal teams will facilitate user compensation once an incident is verified.
Transparency Through Public Wallets and Real-Time Monitoring
MEXC has made wallet addresses linked to the fund publicly available, allowing users to verify balances in real time via blockchain. This supports the exchange's efforts to enhance user trust.
Fast Response Model Replaces Traditional Insurance
Unlike traditional insurance models, MEXC's fund is designed for rapid deployment of resources. The internal team reviews all compensation requests and makes decisions based on the nature of the losses.
The launch of this fund coincides with the rising number of attacks on crypto exchanges, setting ambitious goals for MEXC in user protection and enhancing transparency.
