You might want to avoid the MEXC exchange. They
Today, Today, lets talk about some shady stuff the MEXC exchange has been up to during the recent Altcoin frenzy.. In a period of low
You might want to avoid the MEXC exchange. They've launched 263 projects in just two months and most of them have seen their value drop by more than 80%
$SHIBAI
Let's start with $SHIBAI, an Altcoin from Arbi. It was listed on MEXC just half an hour after its launch, and that includes spot trading and futures. This coin boasted a market cap of $80 million just half an hour post-launch, and the exchange then aggressively promoted it to naive investors. This ongoing manipulation, coupled with an abundance of contract bugs in the project, resulted in two postponed claims. They also ran into issues with an airdrop event where the signing private key was written in the front end, which led to a hack that lost $15,000. After discovering the issue, the project immediately destroyed the short contracts, and tens of thousands of dollars' worth of SHIBA effectively vanished. The whole thing is a joke, with more bugs than even a fledgling student startup could produce.
Given the rapid listing and the level of support, it's highly likely that MEXC orchestrated this whole scheme themselves, seeking to take advantage of the "dog coin" trend to fleece investors. Although several Twitter influencers highlighted the risks at the time, the coin tanked so quickly and sharply that many inexperienced investors still suffered huge losses.
The $SHIBAI coin has now dropped to 0.0000000000059, a 98.5% fall from its peak at 0.00000000041 half an hour post-launch. It's essentially worthless now. What's truly
disgusting is that there was a brief rally in the middle where they used contracts to exploit investors yet again - MEXC really knows how to play the game.
Listing Altcoins with no research
Over the past couple of months, MEXC has been recklessly listing low-quality Altcoins at an alarming rate. From April 17 to June 16, they've listed 263 new coins, averaging about four coins a day. With such rapid addition, there's no way they have the time to ensure the quality of each listing. To date, most of them have dropped by over 80%. I've compiled a table for you to get a feel of the situation.
If you're an MEXC user fond of chasing new Altcoins, I can only offer my condolences.
So, to sum it up, here are the three main things to keep in mind:
1、Negative price increases since launch: Most of the coins listed have experienced a negative price increase since their launch. This indicates that these coins haven't performed well after being listed on the MEXC exchange, suggesting that MEXC might not have sufficient scrutiny or predictive capability when selecting coins.
2、Short time to break the initial price: Many coins have broken their initial price shortly after listing, indicating that these coins might have been overvalued initially, or that the market acceptance for these coins was not high.
3、Large differences in the highest historical price increases: There's a considerable difference in the highest historical price increases, suggesting that there might be a lack of consistency in MEXC's coin selection, with haphazard listing practices.
Trading stops immediately for coins with bugs or contract loopholes
Due to MEXC's lack of research into the coins they list, trading for coins with bugs or contract loopholes will be immediately halted, leaving investors out in the cold. For example, with MangoMan Intelligent, trading was immediately halted without any compensation given.
Newbie investors who don't really know much about blockchain trading or how to pick a good project often go for centralized exchanges. It's not right to exploit the trust of your users for your own gain. MEXC, you need to do better.
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