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02/11/25 04:03 UTC-04

Around $5.5 Billion Withdrawn from MEXC in a Short Period

The crypto community has raised concerns about MEXC’s solvency, as users began experiencing delays when attempting to withdraw funds. This came after roughly $5.5 billion worth of cryptocurrencies were withdrawn from MEXC in a short period.

Representatives of the exchange called all insolvency rumors “false and misleading,” emphasizing the platform’s “stable financial position.”

In a public statement, MEXC announced that it will update its Merkle tree data so that every user can independently verify the exchange’s reserves. The company assured users that their assets are safe and fully backed, stating that all holdings are “completely covered” and confirmed by Proof-of-Reserves (PoR) with over 100% backing.

However, data from CryptoQuant, a blockchain analytics platform, does not support these claims. The number of Bitcoins withdrawn from MEXC has reportedly reached record levels, raising serious doubts about the exchange’s transparency.

Financial transparency analyst Shanaka Anselm has urged the company to publish verifiable on-chain balances and undergo an external audit.

It appears that MEXC is not the only exchange facing heavy withdrawals, though it remains the largest among them. Over the past 24 hours, significant net outflows have also been recorded on Gemini and OKX.

See also: "MEXC Warns Against Speculation Amid Rumors of Financial Trouble"

#MEXC #Crypto Market #Selling

Editor: Yulia Krasnaya
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