Common Fraud Schemes as Explained by MEXC
Dear MEXCer,
After a transfer is completed, the digital assets will belong to the recipient's address. Please remain vigilant against fraud. Common fraud schemes are listed below.
Investment Scam
- Initiating Contact: Adding you to groups through social platforms such as Twitter, Telegram, etc.
- Establishing Trust: Falsely claiming partnerships with various large platforms, impersonating official personnel, etc., to gain trust.
- High-profit Inducement: Inducing through means such as "arbitrage trading," "high commissions," "copy trading," "crypto staking," along with the temptation of fellow group members sharing their profits.
- Common Investment Types: New crypto investments (not listed on other mainstream exchanges), ICOs, gambling, betting, pyramid schemes, money games, crypto staking, etc. Once you participate, there is a high likelihood of losing your investment funds.
Safety Reminder: Anyone claiming to be a partner of MEXC without authorization or impersonating MEXC officials is suspected of fraud. Be cautious of various forms of fraud, including investment scams, gambling, and betting.
Friend Impersonation Scam
- Establishing Trust: Impersonating or stealing a friend's social media account.
- Scam Method: Borrowing cryptos from you under the pretense of loans, turnover, etc., and refusing to provide video or voice confirmation of identity during the process.
Safety Reminder: When transferring cryptos to a friend, please make sure the person operating the account is the rightful account owner.
Off-Platform Trading Scam
Building Trust: Gaining trust through methods such as online dating, virtual friendships,and impersonating investment instructors.
Scam Method 1: Non-payment in off-platform trades. This refers to engaging in off-platform trading with an agreement to transfer the cryptos before taking payment, and the buyer refuses to make the payment after you complete the withdrawal.
Scam Method 2: Non-delivery in off-platform trades. This refers to engaging in off-platform trading with an agreement to make payment before receiving the cryptos, and the seller refuses to provide the cryptos after you make the payment.
Scam Method 3: Counterfeit cryptos in off-platform trades. This refers to engaging in off-platform trading with an agreement to make payment before receiving the cryptos, and the seller deposits counterfeit USDT (not issued by Tether) into your account after you make the payment.
Scam Method 4: Entrusted sales with counterfeit cryptos. This refers to engaging in platform-mediated sales, where a seller entrusts you with a small amount, using trading limits, etc. as an excuse, for you to sell. After eventually scamming a large amount of funds from you, the seller deposits counterfeit USDT (not issued by Tether) into your account.
Safety Reminder: Do not engage in private off-platform trades.
Counterfeit Scam (Fake MX)
- Establishing Trust: Creating Telegram groups with names such as "MEXC Official Arbitrage Group" to carry out scams.
- Scam Method: Under the pretext of "arbitrage trading," inducing users to transfer their personal ETH to a specific wallet, promising to convert it to MX based on a certain rate. In reality, the scammers would transfer fake "MX" tokens (not officially issued by MEXC) to deceive users and obtain their assets.
Safety Reminder: For information related to platform events, please refer to official announcements.
MEXC
June 20, 2023