MEXC’s Q1 data showed 83% of scam victims had less than six months’ crypto experience. Attackers exploit newcomers’ unfamiliarity with wallet security practices and FOMO-driven decision making. Common tactics included fake airdrop sites and impersonated influencer giveaway schemes.
The exchange identified social media as the primary attack vector, with 67% of scams originating from TikTok and WhatsApp groups. New users often conflate exchange-branded communication channels with fraudulent lookalike accounts. Psychological profiling revealed scammers target users based on transaction history visible on public blockchains.
MEXC responded with mandatory security quizzes for first-time traders and AI-driven transaction alerts. However, industry-wide coordination remains lacking – most scams cross multiple platforms. Experts advocate for standardized on-chain labeling systems to flag suspicious addresses in real time.
