MEXC releases September proof-of-reserves report, maintains excess collateral

MEXC released its September proof-of-reserves report with blockchain security auditor Hacken, showing reserve ratios above customer deposits for major cryptocurrencies. The exchange reported reserve ratios of 297% for Bitcoin (BTC), 119% for USDT, 111% for USDC and 111% for Ethereum (ETH). Hacken said it verified the Merkle tree structure, confirmed wallet ownership and assessed reserve adequacy, and found MEXC’s customer assets to be fully backed. MEXC publishes its reserve status every month and plans to expand its Guardian Fund for user protection to $500 million from the current $100 million within the next two years.