Latest news with #ProofofReserves
Cision Canada
11-06-2025
- Business
- Cision Canada
MEXC Unveils $100 Million Guardian Fund to Safeguard Users Against Security Threats
VICTORIA, Seychelles, June 11, 2025 /CNW/ -- MEXC, a leading global cryptocurrency exchange, has unveiled a groundbreaking $100 million Guardian Fund to enhance user safety and trust across its platform. This fund is designed to provide a strong safeguard for users facing severe security threats, such as large-scale exploits, targeted attacks, or unforeseen system vulnerabilities. In a move toward greater accountability, MEXC has made the fund fully transparent by disclosing wallet addresses publicly—setting a new industry standard for proactive risk management and user protection. Complete Transparency And User Access MEXC's $100 million Guardian Fund is built on a foundation of complete transparency. All fund wallet addresses ( including holding USDT wallet address here), will be publicly displayed on MEXC's website, allowing anyone to verify balances and monitor transactions through the blockchain. Users can see exactly how much is available, review the full transaction history, and independently verify the fund's integrity—ensuring confidence through verifiable data. MEXC will create a special webpage where users can view wallet addresses, check fund balances, understand coverage scenarios, and track active compensation cases. This central hub provides complete visibility into how the fund works and what's covered. By combining transparent fund management with a user-friendly interface, MEXC empowers its community with the tools and visibility needed to stay informed and protected. What's Covered The fund covers various security incident scenarios such as: Platform Breaches: Compensation when MEXC's systems are compromised Technical Problems: Protection from losses due to serious system vulnerabilities Flexible and Responsive Protection Unlike traditional third-party insurance, which often involves lengthy claims processes and delays, MEXC's $100 million Guardian Fund offers a more agile and transparent approach. The fund is readily available and can be deployed swiftly once a security incident is verified—ensuring users receive timely support without the red tape. Security and User First In light of recent high-profile hacks across the industry, the importance of security can't be overstated," said Tracy Jin, COO of MEXC. "At MEXC, we take security seriously—and we take action. The $100 million Guardian Fund is our way of leading by example. We're not only strengthening our internal defenses, but also offering real, transparent protection for our users. This isn't just about promises—it's about accountability, and delivering visible safeguards when they matter most The launch of the Guardian Fund underscores MEXC's ongoing commitment to providing industry-leading security alongside its services. In addition to this new fund, MEXC also maintains a Proof of Reserves mechanism and a dedicated Insurance Fund Account for futures trading. The Proof of Reserves ensures that all user assets are 100% backed, while the Insurance Fund Account is designed to cover any shortfalls when users' losses during liquidation exceed their available margin. Together, these measures highlight MEXC's strong focus on asset security and risk mitigation. Combined with the $100 million Guardian Fund, MEXC offers traders comprehensive protection against extreme market volatility. About MEXC Founded in 2018, MEXC is committed to being "Your Easiest Way to Crypto." Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
Cision Canada
13-05-2025
- Business
- Cision Canada
Independent Audit from Hacken Confirms MEXC's Strong Security Standards
VICTORIA, Seychelles, May 13, 2025 /CNW/ -- As part of a systematic approach to ensuring the security, transparency and sustainability of its platform, MEXC, a leading global cryptocurrency exchange, regularly undergoes both technical and financial audits. One of the latest steps in this direction included the successful completion of a security audit by Hacken, a leading Web3 cybersecurity firm. The audit found no critical or high-risk vulnerabilities in the MEXC mobile application and confirmed that previously identified minor issues were fully addressed. Key Takeaways: No critical or high-risk vulnerabilities were identified. All minor issues flagged during the audit were promptly resolved. The platform demonstrates adherence to robust security protocols and architecture. The audit conducted under the comprehensive Hacken's pentest methodology framework assessed all possible vulnerabilities of the MEXC app to attacks from malicious actors and exploitation. Hacken confirmed that MEXC's existing security measures provide comprehensive protection against known threat vectors. The audit also reviewed the platform's operational architecture, emphasizing a balance between usability and security. Specifically, Hacken highlighted the MEXC app's user-centric design and simplified navigation, which significantly improve the trading experience for both beginners and experienced traders. Special attention was given to the app's infrastructure around trading execution, data handling, and fund transfer mechanisms. MEXC has already addressed and resolved all low-risk vulnerabilities and risks that were flagged by the audit to strengthen the app's resilience and improve the overall user security and trading experience. The prompt resolution highlights the exchange's transparency towards its users and commitment to protecting its ecosystem from emerging threats. Commenting on the audit, MEXC COO Tracy Jin stated: "External, independent verification is an essential part of maintaining user trust and ensuring accountability. We thank Hacken for their work and continue to prioritize transparency and security, as we scale our services globally." Security and transparency remain key priorities for MEXC. In addition to successful technical audits, the exchange regularly confirms its financial stability through regular independently verified Proof of Reserves reports. This data is available to users and partners and meets industry standards for openness and control over user assets. The full security audit report by Hacken is available at LINK. About MEXC Founded in 2018, MEXC is committed to being "Your Easiest Way to Crypto". Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding. About Hacken Hacken is a trusted blockchain security auditor on a mission to make Web3 a safer place. With a team of 60+ certified engineers, it provides solutions covering all aspects of blockchain security, such as smart contract & protocol audits, bug bounties, and security assessments. Hacken has been raising the bar for blockchain security, working with more than 1,500 Web3 projects since its inception in 2017.
Hans India
08-05-2025
- Business
- Hans India
CoinSwitch releases Proof of Reserves report
Hyderabad: CoinSwitch, a crypto platform with over 2 crore users, has released its fifth Proof of Reserves (PoR) report, reaffirming its commitment to transparency, trust, and investor protection. The report confirms that CoinSwitch holds more crypto and INR assets than the total amount held by its customers. As of March 31, the company's total reserves stood at Rs2,764.20 crore, compared to customer holdings of Rs2,138.64 crore creating a surplus of Rs625.56 crore. This surplus reflects the company's prudent asset and liquidity management, providing reassurance to its growing investor base not only in large metros but also in smaller towns across the country. According to the comapny's recent How India Invests 2024 report, Hyderabad ranks among the top Tier-2 cities leading crypto adoption in India.
United News of India
07-05-2025
- Business
- United News of India
CoinSwitch holds higher crypto assets than its users
Mumbai, May 7 (UNI) Continuing its commitment to transparency and trust-building, CoinSwitch, India's largest crypto platform with over two crore users, claimed on Wednesday that the company's total holdings in crypto and INR (Indian Rupees) exceed total assets held by its customers. While publishing the fifth edition of its Proof of Reserves (POR), achieved through an independent audit and on-chain validation, as of March 31, 2025, CoinSwitch's total reserves, including crypto and INR balance, stood at Rs 2,764.20 crore, while customer holding totaled Rs 2,138.64 crore, representing a surplus of Rs 625.56 crore, reflecting prudent asset management and robust liquidity. According to the latest proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more (a ratio of 1:1 or higher means the platform holds as much or more than users' crypto and INR balances, allowing users to redeem or withdraw them at any time). The assets held by PeepalCo, CoinSwitch's parent brand PeepalCo, are in addition to these funds and are not included in this POR assessment, said a release issued here on Wednesday. UNI AAA SS
Globe and Mail
24-02-2025
- Business
- Globe and Mail
Fully Backed Within 72 hours: Bybit Maintains 1:1 Customer Assets Ratio in Latest Proof of Reserves Audited Report by Hacken
DUBAI , UAE , Feb. 24, 2025 /CNW/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has completed a fresh round of audit on Feb. 23, 2025 conducted by leading cybersecurity firm Hacken. The independent third-party report is published after Bybit restored reserves levels to a 1:1 ratio for in-scope digital assets within 72 hours following a major incident on Friday, Feb. 21 . A full audit of all relevant wallets containing 40 asset types, by way of proof of liabilities and ownership, verified that Bybit possesses sufficient reserves to cover user assets 1:1 across the board. Key assets including BTC, ETH , SOL, USDT and USDC exceed 100% collateral ratios on Bybit. Held to high standards of transparency and prudence, Bybit reaffirms its commitment to fiscal vigilance and customer protection under all circumstances. "Bybit fully backs all customer assets entrusted to our platform, maintaining a dynamic ratio of over 1:1," said Ben Zhou , Co-founder and CEO of Bybit . "We are fortunate to have all-weather friends in a cut-throat industry—our peers and even competitors stood with us during challenging times, and our customers deserve the same level of commitment," he added. Key Highlights of Bybit's 19th PoR Audit: Comprehensive Audit Process: Hacken conducted an extensive audit of Bybit's liabilities, utilizing the Merkle tree to verify the integrity of the assets reported. User Address Verification: Hacken obtained information from Bybit management regarding all public key addresses holding in-scope assets and verified expected blockchain transactions to confirm control and ownership. Rigorous Validation Procedures: The validation process included a thorough review using the official Merkle proof validation methods, ensuring the accuracy of the reported liabilities. "Bybit's focus on transparency through regular Proof of Reserves audits and independent assessments sets a strong standard within the industry. We appreciate being part of this important initiative during this critical period," said Yevheniia Broshevan, Co-Founder & CBDO at Hacken. As of Feb. 24 , Bybit fully closed the ETH gap of client assets within 72 hours. This was achieved through strategic partnerships with firms like Galaxy Digital, FalconX, and Wintermute, along with support from Bitget, MEXC and DWF Labs, who helped Bybit replenish the reserves in record time. The rapid execution of these funding strategies underscores Bybit's robust industry relationships and its capability to maintain platform stability during challenging times, reflecting the industry's shared vision of a new era of reliable financial system. By prioritizing independent verification and comprehensive audits, Bybit reinforces its commitment to user trust and transparency. The exchange regularly reviews best practices, emergency responses, and security infrastructure to meet the rising challenges and demands in the digital asset industry. Bybit's Proof of Reserves: #Bybit / #TheCryptoArk / #ProofofReserves / #PoR About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi , empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at
