MEXC’s Rare Audit: Wallets Full, Other Exchanges? Not So Much 😅

by

Let’s talk about the crypto world’s love-hate relationship with transparency. MEXC, that “trustworthy” exchange you’ve probably heard of (or not), just handed over its keys to Hacken, a blockchain cybersecurity firm, for a full-proof-of-reserves audit. Spoiler: Their wallets are apparently chock-full of assets, covering every last user liability like a grandma’s quilt. Meanwhile, the rest of the industry is playing “hide the audit” like it’s a game show. 🤷‍♂️

Independent PoR reports? Those are now rarer than a bear market without a crash. Binance, the crypto titan, quit external audits after Mazars said “nope” in 2022. OKX, Bybit, and Kraken? They’ve gone full magician-pulling cryptographic proofs out of hats instead of letting third parties verify. KuCoin offers an internal dashboard (because who needs outsiders?), and Coinbase, despite being a public company, still hasn’t published a PoR. It’s like everyone’s decided, “Trust us, we’re not FTX!” 🙄

Hacken’s audit of MEXC, however, is the crypto equivalent of a Michelin-starred meal. They checked on-chain and off-exchange liabilities, wallet ownership, reserve ratios, and even validated outbound transactions. Turns out, MEXC’s BTC, ETH, USDT, and USDC holdings exceed their liabilities by 100%. And yes, they used a Merkle-tree verification system-because nothing says “trust me” like letting users anonymously confirm their balances via a cryptographic tree. 🌳 (It’s like a family tree, but with math.)

MEXC’s COO, Vugar Usi (who joined this month, because why not?), claims transparency is now a “core standard.” The exchange is rolling out “fully auditable views” of user balances without exposing personal data. Sounds noble, until you remember that “fully auditable” often means “we’ll explain it in 50 slides.” 📊

“We’ve seen increased transparency demand in the crypto industry…” said a Hacken spokesperson, clearly thrilled to find one exchange that isn’t hiding. “MEXC proves you can back up claims with facts, not just buzzwords.” (Like “decentralized” or “moonshot.”) 🌕

“At MEXC, we’re committed to 100% user fund safety,” said Usi, because who wouldn’t be? The report, they added, is “a continuous core standard.” (Translation: We’re trying to not be FTX.)

Proof of Reserves isn’t a magic bullet-it doesn’t catch every risk, like the time someone accidentally sends crypto to the wrong address. But in a world where exchanges love to say “trust us,” MEXC’s audit is a rare gem. Too bad the rest of the industry is still playing hide-and-seek with their books. 🎭

Read More

2025-12-09 22:20