In the wake of crypto scams, breaches, and exploits, the MEXC crypto exchange introduced a $100 million user protection fund to compensate its users in the event of a breach, a technical failure, or a vulnerability directly related to the platform.
Speaking to a top crypto media, a MEXC representative mentioned that all compensation decisions will be reviewed and approved by MEXC’s “dedicated internal team,” which includes members from the risk control, compliance, and security departments. Unlike the traditional lengthy process of getting funds from the insurance, MEXC is said to process the funds quickly.
However, the victims will undergo a manual eligibility assessment where the team will gather all relevant information to gauge the appropriate compensation based on the nature and extent of the loss.
To maintain transparency and to help its users monitor the funds, the wallet address holding the funds will be visible to the users.
Commenting on this new strategy, Tracy Jin, MEXC’s chief operating officer, stated, “This isn’t just about promises, it’s about accountability and delivering visible safeguards when they matter most.”
