Well, well, well. It seems MEXC has finally decided to step up its game, and they’re not just checking off boxes for compliance. They’ve decided to partner with Hacken, the blockchain security platform, to bring some good old-fashioned independent Proof-of-Reserves (PoR) audits to the table. Yes, you read that right-monthly audits. Say goodbye to the days of wondering if your crypto is safe or if the exchange is just playing a game of hide-and-seek with your assets.
Now, each month, Hacken will swoop in, do its thing, and publish a report. MEXC won’t even get a sneak peek before it goes live. Transparency, people! Starting in late November, Hacken will compare MEXC’s reserves with user balances across major assets. Finally, a little truth in the wild west of crypto exchanges!
Speaking of reserves, MEXC claims that their current reserve ratios are still above 100%-so no need to panic. And if you’re skeptical, you can always check your balance through their Merkle tree system. Because who doesn’t love a good cryptographic tree? 🌳
But what is a Merkle tree, you ask? Well, it’s basically a fancy cryptographic tool that allows you to verify that your assets are part of the exchange’s total reserves without needing to see all of your personal data. It’s like the crypto version of “trust me, I’m a tree.” 🌲
Hacken, for its part, is no stranger to the game. They’ve been around since 2017, working with over 1,500 clients-including MetaMask, the Ethereum Foundation, and Binance. If that’s not a flex, I don’t know what is.
And just in case you’ve been living under a rock, MEXC isn’t exactly a small fish. Founded in 2018, the exchange now serves over 40 million users in 170 countries. And with a trading volume of $3.65 billion, it ranks ninth on CoinMarketCap. Not too shabby.
PoR Becomes Crypto’s Trust Benchmark
Ah, but why all the sudden interest in transparency? Well, let’s just say that FTX’s spectacular implosion in November 2022 left some serious scars. Over $20 billion-yes, billion with a B-flew out of major exchanges in the aftermath. 😱
Binance, being the brave soul it is, was the first to raise its hand and say, “Here are our reserves!”-though, of course, they waited for FTX to drop before jumping in. OKX, Deribit, and Crypto.com followed suit, but most just published a single snapshot. That’s like showing up to a party with one drink and calling it a night. Sorry, that’s not enough.
Meanwhile, Kraken decided to take things up a notch in 2022 by undergoing a cryptographic audit. Armanino LLP verified that its Bitcoin (BTC) and Ether (ETH) holdings matched up with customer balances. Transparency level: next-gen. You don’t see your average bank doing that, do you?
And if you think MEXC is the only one on the bandwagon, think again. Bybit has been using Hacken to perform PoR audits since June 2024. Hacken’s audits go a bit further, checking user liabilities, verifying wallet ownership, and confirming that reserves exceed liabilities. And yes, it’s all verified with a Merkle tree. Because, again, who doesn’t love a good cryptographic tree? 🌲✨
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2025-11-20 13:08