MEXC Lists Bitcoin Reserve Coverage at 294% in October Update

MEXC's October proof-of-reserves disclosure puts Bitcoin (BTC) coverage at 294%, the highest of four listed assets, but leaves the balance snapshot date unspecified, limiting a direct comparison with September's figures.

The report lists Tether (USDT) at 122%, USD Coin (USDC) at 115% and Ether (ETH) at 111%. All four ratios exceed 100%.

Compared with the September report, BTC's ratio was down three percentage points, USDT's was up three points, USDC's was up four points and ETH's was unchanged. The September figures used a Sept. 10 snapshot. The Oct. 16 announcement does not state a cutoff date, so the releases do not establish matching measurement dates.

MEXC's monthly process covers reported liabilities, wallet ownership and reserve calculations. Merkle Tree verification lets users check whether their account balances appear among the reported liabilities. Custodial wallet addresses are also public for on-chain checks.

Hacken completed an MEXC proof-of-reserves solvency assessment on Oct. 12, with zero findings. That assessment date does not establish when the balances in the October ratios were measured.

Proof-of-reserves disclosures provide a point-in-time view and may not show an entity's full liabilities. They are not equivalent to financial-statement audits, and the October announcement lists ratios without absolute reserve and liability totals.