MEXC Launches $100M User Protection Fund to Cover Security Breaches
The post MEXC Launches $100M User Protection Fund to Cover Security Breaches appeared on BitcoinEthereumNews.com. Crypto exchange MEXC has rolled out a $100 million user protection fund aimed at shielding its users from major platform breaches, technical failures or other serious security threats. The fund is structured to compensate users in the event of major security incidents, including breaches of the platform’s infrastructure, critical system vulnerabilities or large-scale targeted hacks, the exchange told Cointelegraph. MEXC has also published wallet addresses linked to the fund on its website, allowing users to verify balances and monitor fund activity in real-time. A dedicated web portal will also provide information about the fund’s structure, covered scenarios and ongoing compensation cases. According to the company, the fund will offer coverage in cases where MEXC systems are directly compromised or affected by serious vulnerabilities. “This isn’t just about promises, it’s about accountability and delivering visible safeguards when they matter most,” said Tracy Jin, MEXC’s chief operating officer. MEXC’s $100 million user protection fund. Source: Etherscan Related: MEXC detects 200% surge in fraud during Q1 Designed for quick deployment Unlike traditional insurance models, which often require lengthy claims processes, MEXC’s fund is designed for quick deployment, the exchange said. Once an incident is confirmed, the exchange can immediately allocate resources to affected users. A spokesperson told Cointelegraph that all compensation decisions are reviewed and approved by MEXC’s “dedicated internal team,” which includes members from the risk control, compliance and security departments. They added that once an incident is verified and reviewed, affected users will undergo a manual eligibility assessment. “Our internal team will gather all relevant information and determine the appropriate compensation based on the nature and extent of the loss,” the spokesperson said. Currently, the fund management is handled in-house. However, the exchange said they are exploring partnerships with reputable third-party auditing and risk control entities to enhance transparency and oversight…
The post MEXC Launches $100M User Protection Fund to Cover Security Breaches appeared on BitcoinEthereumNews.com.
Crypto exchange MEXC has rolled out a $100 million user protection fund aimed at shielding its users from major platform breaches, technical failures or other serious security threats. The fund is structured to compensate users in the event of major security incidents, including breaches of the platform’s infrastructure, critical system vulnerabilities or large-scale targeted hacks, the exchange told Cointelegraph. MEXC has also published wallet addresses linked to the fund on its website, allowing users to verify balances and monitor fund activity in real-time. A dedicated web portal will also provide information about the fund’s structure, covered scenarios and ongoing compensation cases. According to the company, the fund will offer coverage in cases where MEXC systems are directly compromised or affected by serious vulnerabilities. “This isn’t just about promises, it’s about accountability and delivering visible safeguards when they matter most,” said Tracy Jin, MEXC’s chief operating officer. MEXC’s $100 million user protection fund. Source: Etherscan Related: MEXC detects 200% surge in fraud during Q1 Designed for quick deployment Unlike traditional insurance models, which often require lengthy claims processes, MEXC’s fund is designed for quick deployment, the exchange said. Once an incident is confirmed, the exchange can immediately allocate resources to affected users. A spokesperson told Cointelegraph that all compensation decisions are reviewed and approved by MEXC’s “dedicated internal team,” which includes members from the risk control, compliance and security departments. They added that once an incident is verified and reviewed, affected users will undergo a manual eligibility assessment. “Our internal team will gather all relevant information and determine the appropriate compensation based on the nature and extent of the loss,” the spokesperson said. Currently, the fund management is handled in-house. However, the exchange said they are exploring partnerships with reputable third-party auditing and risk control entities to enhance transparency and oversight…
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