The post MEXC Announces High-Level Security Deal and $448M Insurance Fund to Strengthen User Protection appeared first on Coinpedia Fintech News
MEXC, a cryptocurrency trading platform known for its frequent airdrop launches, has announced a strategic partnership with blockchain security auditor Hacken to bring its security to the next level. Hacken is said to conduct a comprehensive security audit aimed at safeguarding the platform’s infrastructure from vulnerabilities and cyber threats.
As a way to keep evolving alongside the crypto space, MEXC realizes the importance of security. That is why Hacken’s role in the partnership will focus on conducting a comprehensive security assessment to ensure the platform’s infrastructure remains protected from vulnerabilities and cyber threats.
The assessment will cover critical areas, including identifying and addressing vulnerabilities across MEXC’s web applications, mobile apps, and APIs. Hacken will also evaluate encryption measures to prevent data leakage, strengthen session management to mitigate hijacking and fixation attacks, and assist MEXC in verifying user input sanitization to prevent injection attacks.
Tracy Jin, COO of MEXC, commented on the partnership:
At MEXC, the security of our users and their assets stands as our paramount priority. Through our strategic partnership with Hacken’s cybersecurity experts, we implement industry-leading security measures that evolve alongside emerging threats. This multi-dimensional approach ensures that MEXC remains both agile in responding to market opportunities and resilient against security challenges.
Dyma Budorin, CEO of Hacken, added:
A reliable trading platform needs a strong security backbone, and at Hacken, we are committed to protecting users and maintaining a secure ecosystem. Through a comprehensive security assessment, we will identify and address potential risks, strengthening MEXC’s defenses against emerging threats.
In addition to the partnership, MEXC continues to provide Proof of Reserves to ensure asset safety and maintain transparency for its users. This feature supports the security of users during withdrawal runs. The reserve rates are updated every two months, and available for public verifications and audits.
If a negative scenario occurs, MEXC claims that it has sufficient reserves to cover potential losses. According to the exchange, it has allocated over $448 million through its Insurance Fund Account to cover deficits arising when users’ losses during liquidation exceed their available margin.
Founded in 2018, MEXC is serving over 32 million users across 170+ countries and regions. MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees.