MEXC Denies Insolvency Rumors Amid Record Withdrawals
- MEXC exchange reported $5.5 billion in outflows over the past 24 hours, the highest among its peers.
- The exchange claims all assets are “fully backed” with Proof of Reserves (PoR) showing over 100% coverage.
- Data from CryptoQuant indicates a significant increase in Bitcoin withdrawals, reflecting trader caution.
- MEXC holds approximately $5.13 billion in assets according to Coinglass reserve data.
- Analysts are calling for an independent audit to verify MEXC’s financial transparency and solvency.
Following reports of withdrawal delays and liquidity concerns, MEXC has denied insolvency rumors and plans to update its Merkle tree data for user verification of reserves tonight. The surge in Bitcoin withdrawals signals growing apprehension among traders regarding the platform’s liquidity.
With net outflows reaching $5.5 billion, MEXC faces pressure to restore user confidence amid calls for greater transparency and independent audits of its financial status.(Source)
