MEXC Slammed In Frozen Crypto Drama: Exec Speaks Out

About three months after a pseudonymous crypto trader said MEXC froze roughly $3M in his account, the exchange issued a public apology and confirmed that the money was released.

In an X post shared on Friday, MEXC Chief Strategy Officer Cecilia Hsueh said the company “f***-ed up” in the way it handled the dispute involving a trader who goes by the name White Whale.

The exchange froze about $3.1M in July, citing its internal “risk control rules.”

That move pushed White Whale to launch a $2M social media campaign against MEXC in August.

He later said the campaign budget grew to $2.5M after claiming the exchange asked him to fly to Malaysia to resolve the issue and have the funds returned.

The White Whale replied to Hsueh’s post, saying the apology “didn’t specify what they were apologizing for.”

He said it would have helped if MEXC had clearly addressed earlier public claims suggesting he was “a criminal” due to AML concerns, or a “scammer” based on later accusations that came even after those AML claims were disproved.

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He said the “work is not yet done,” arguing that many others are still facing similar issues. He plans to help recover those funds as well.

The trader also said he will “distribute 100%” of the released $3M to 20,000 supporters who backed his campaign, along with nonprofit organizations.

Many online reacted with frustration. “Most regular users wouldn’t stand a chance in a situation like this,” wrote Reddit user Effective-Impact8054.

“So yeah, it’s great that the White Whale finally got paid, but it doesn’t change the fact that MEXC froze a legit trader’s funds for months and only fixed it once the internet got involved.”

As of today, MX Token is trading between $2.40 and $2.80. It is listed at about $2.53, with a 24-hour trading volume of $22.7M.

The token is slightly upper on the day, up about +1.4%.

Over a longer period, MX is still far below its peak. Its all-time high was $5.85 on April 9, 2024. At current levels, that’s roughly a 59% drop from its top.