India, Indonesia, and CIS Nations Top Fraud Activity Rankings Amidst Rising Crypto Scams

The cryptocurrency exchange MEXC has reported a threefold increase in coordinated trading fraud activity in the first quarter of 2025. The majority of these incidents were concentrated in India, Indonesia, and the CIS countries.

The platform identified 80,057 instances of organized fraud, which encompassed money laundering, market manipulation, and the use of trading bots. MEXC uncovered over 3,000 distinct syndicates involved in these activities.

India emerged as the frontrunner in terms of violations, reporting nearly 27,000 incidents, followed by the CIS nations (6,404) and Indonesia (5,603). Notably, Indonesia experienced the most drastic surge in suspicious activities, with a 1,303% increase compared to the previous quarter. The CIS countries also saw a significant rise of 245%.

MEXC attributed this spike to a rapid increase in user numbers that outpaces financial literacy. Research indicates that only 27% of the adult population in India meets basic financial literacy standards.

Fraudsters often disguise themselves as experts or influencers, luring users into Telegram channels and YouTube, where they promote «pump groups» or «secret token launches.»

In both Indonesia and the CIS, interest in risky speculation is fueled by the instability of local currencies and low income levels, creating an environment conducive to manipulation disguised as financial advice.

*“While 2021 was marked by attacks on DeFi, 2025 is increasingly characterized by socially engineered market manipulations. We are witnessing a rise in so-called ‘educational’ trading groups that are, in reality, coordinated attempts to mislead users,”* stated MEXC CEO Tracy Jin.

Looking ahead, the platform plans to update its Risk Control Manual and launch educational initiatives in the most vulnerable areas. Additionally, the exchange has announced the MEXC Guardian Safe Trading campaign and a fund dedicated to the financial protection of users.

It’s worth noting that in May, the crypto industry suffered losses amounting to $244 million due to hacks, as reported by PeckShield.