Cryptocurrency fraud cases soar in India and Indonesia

• Cryptocurrency fraud increases by 200% on MEXC
• India leads with 27 thousand suspicious accounts
• Scams exploit bots and new token listings

Cryptocurrency exchange MEXC disclosed a worrying report on the rise of fraud in the sector. In the first quarter of 2025 alone, more than 80.000 suspicious incidents were identified on the platform, a 200% increase compared to the previous quarter.

According to the report, most cases are concentrated in India, Indonesia, and the Commonwealth of Independent States (CIS) countries. Criminals use bots and fake trades to manipulate markets, taking advantage of emerging token listings and MEXC’s low fees.

The company said it has detected more than 3.000 organized groups involved in fraudulent activities. This development coincides with the expansion of little-known tokens on the exchange, which have attracted both new investors and scammers looking to exploit security and oversight gaps.

🚨 JUST IN: MEXC exchange reports a 200% surge in fraud cases in early 2025.

Scammers are evolving fast using deepfakes, fake tokens, and deceptive listings to target users.

Stay safe everyone! pic.twitter.com/vytHt50gMN

— Cointelegraph (@Cointelegraph) May 30, 2025

India accounted for the largest volume of suspicious accounts, with around 27 profiles flagged. Indonesia registered more than 5.600 potentially fraudulent accounts, with a notable increase of 1.300% compared to the last quarter of 2024. The CIS, in turn, had more than 6.400 cases.

These figures reflect the growing popularity of cryptocurrencies in regions where financial literacy is still limited. A study by India’s National Centre for Financial Education found that only 27% of adults in the country understand basic financial concepts, a figure that drops to 19% among younger people.

In addition to low financial literacy, the dissemination of information through channels such as YouTube and Telegram makes it easier for scammers to work. Fake influencers present themselves as experts and promote schemes with promises of quick profits, deceiving thousands of people.

In light of the escalation, MEXC announced that it would be reinforcing its security measures, with real-time monitoring and continuous verification of suspicious accounts. The broker also intends to launch educational initiatives to train its users on how to identify and avoid scams in the crypto market.

Tracy Jin, COO of MEXC, highlighted: “2025 has exposed a new type of scam. We are focused on stopping these scams and helping our users trade safely.”