Leading cryptocurrency exchange MEXC has today acted to immediately delist the MiniDoge ‘meme’ token from its exchange.
MEXC identified unusual behavior with the project’s listings and has taken this step to ensure its users, and MiniDoge token holders are protected.
On Thursday evening (8/7/21), MEXC engineers noticed that the MiniDoge team had changed its token to incorporate a 50 percent tax fee for transfers made to MEXC, alongside an additional 50 percent liquidity fee.
For a limited time, this meant any transfers made to MEXC exchange would cause the transaction to be deducted 100 percent of its value, causing the full amount for each transaction to be zero, and meant users were left with nothing.
MEXC will use its Investor Protection Fund to cover any tokens that were withdrawn but destroyed as a result of the MiniDoge team’s actions, airdropping the equivalent value in USDT to affected users.
As soon as the anomaly was detected MEXC’s engineers initiated the process to delist the token, acting quickly to ensure no users’ funds were lost by the MiniDoge team’s actions.
As of 10:30 AM UTC today (8/7/21), the MEXC team has refunded $1.3 million to 4,000 customers who were affected, and sent out around 6,500 emails to people who might have been impacted.
MEXC has acted swiftly and decisively to eliminate potential losses and damage to MEXC exchange users and MiniDoge token holders.
As of 09:30 8/7/21 (UTC) MEXC has now delisted MiniDoge, and has reached out to their project team to identify these actions and remove any further threat to its customers.
MEXC strives to give its users the best experience and access to a wide range of digital assets and opportunities and will continue its work providing strong and reliable service to users and ensuring their assets remain protected in all circumstances.
About MEXC Exchange
Established in April 2018, MEXC Exchange is one of the world’s leading digital asset trading platforms which offers users one-stop services including spot, margin, leveraged ETF, derivatives trading, and staking services.
The core members of the team come from world-class enterprises and financial companies, who have rich experience in blockchain and financial industries. MEXC offers the most comprehensive marketplace where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks, and formulate their strategies to maximize gains and mitigate risks. For more information, please visit: www.mexc.com