MEXC, in a big move to bolster the security of its platform, has joined forces with Hacken, a prominent blockchain security firm which has worked with major exchanges, DeFi projects, and blockchain firms, including Binance, CoinGecko, Avalanche, and now MEXC.
This comes after Crypto Exchange security has emerged as a critical point of safety for users’ digital assets following the $1.5 billion Bybit Heist that has shocked the industry.
As part of the collaboration, MEXC’S partnership with Hacken will work towards providing a safer trading environment for its users amid rising cybersecurity threats in the crypto industry.
After MEXC announced the partnership, its native token, MX, witnessed slight increase of 0.01% and is currently trading at $3.12. Though the immediate impact on MX token price is modest, strengthened security measures may lead to increased user confidence over time, potentially enhancing the token’s value and utility within the MEXC ecosystem.
How can this new partnership with Hacken strengthen Security
Hacken is a renowned name in the blockchain security sector, offering a suite of cybersecurity solutions tailored for Web3 businesses. With a strong track record in auditing smart contracts and identifying vulnerabilities in blockchain protocols, Hacken has established itself as a trusted security partner for numerous crypto projects.
Hacken conducts penetration testing (ethical hacking) for crypto exchanges, DeFi platforms, and Web3 applications. This process involves simulating cyberattacks to identify and fix potential security weaknesses.
It also provides in-depth risk assessments of blockchain networks and protocols. It evaluates consensus mechanisms, governance models, and transaction processing to ensure their resilience against threats.
Implications for MEXC’s Security
The partnership with Hacken is designed to reinforce MEXC’s security infrastructure through cutting-edge blockchain security solutions, including smart contract audits, penetration testing, and continuous risk assessment.
Hacken will conduct a comprehensive security assessment to ensure that MEXC’s trading platform’s infrastructure remains protected from vulnerabilities and cyber threats.
The assessment will focus on various critical areas, by helping MEXC in identifying and addressing vulnerabilities across web applications, mobile apps, and APIs. Hacken will also assess encryption measures to prevent data leakage on MEXC’s trading platform, while safeguarding session management to prevent hijacking and fixation attacks. It will further work in verifying that user inputs are sanitized to prevent injection attacks.
Notably, in July 2021, KuCoin engaged Hacken for an in-depth security assessment to bolster its cybersecurity framework. Further, it has also worked with top-tier exchanges such as Binance, OKX, among others.
By leveraging Hacken’s expertise, MEXC aims to proactively identify and mitigate potential vulnerabilities, ensuring that its platform remains resilient against cyber threats.
Exciting news! #MEXC is partnering with @hackenclub to boost platform security!
With #Hacken’s expertise, we’re enhancing asset protection, ensuring a safer trading experience for all.
Stay SAFU!
Learn more: https://t.co/2o3FnQFjSM pic.twitter.com/9TEjbZabYT
— MEXC (@MEXC_Official) March 5, 2025
Criticial Security Measures in Web3
MEXC implements multi-layered protection measures such as cold storage for assets, two-factor authentication (2FA), and real-time monitoring for suspicious activities. The integration of Hacken’s security services will further solidify these defenses, reducing the likelihood of breaches and unauthorized access.
By undergoing rigorous security audits and assessments, the exchange is aiming to provide traders and investors with confidence in the integrity of its platform.
The cryptocurrency industry has been facing an increasing number of cyberattacks, with hackers targeting exchanges, DeFi protocols, and wallets. High-profile breaches have resulted in the loss of millions of dollars, highlighting the urgent need for robust security measures.
As cyber threats become more sophisticated, partnerships like this one will be essential in fortifying the crypto industry against potential attacks.
Thus, the partnership between MEXC and Hacken comes as a testament to the growing emphasis on security in the cryptocurrency space. As the industry continues to evolve, security will remain a top priority for exchanges looking to maintain user trust and safeguard digital assets. With this collaboration, MEXC is setting a benchmark for security standards, ensuring that its users can trade with confidence in a secure environment.
The post MEXC Partners with Hacken: How Will This Boost Its Platform Security? appeared first on CoinGape.
