‘We Fucked Up’: MEXC Exec Promises Changes After Blowup Over Frozen Crypto Millions

Centralized exchange MEXC froze the crypto whale’s funds for several months and returned $3 million to him, apologizing and admitting that it had poorly handled the situation.

The White Whale, a pseudonymous trader and cryptocurrency influencer, has had his $3 million MEXC account suspended. July. exchange told him The agency said the suspect placed two orders within the same second, suggesting he was not making manual transactions and violating terms of service, and that the funds should be confiscated. However, he rejected these claims.

Since then, Moby Dick has been active on social media campaign Recently, a pseudonymous on-chain detective ZachXBT came to him to recover his funds. defense. Following the public release back and forth The deal between traders and Mexico collapsed.

“We messed up. We apologize to White Whale, and his money has already been released. He can claim it at any time,” said Cecilia Hsueh, CSO of MEXC. I wrote to X. “I made a mistake communicating with him. I got emotional and I shouldn’t have.”

she added In response to this incident, it has been revealed that MEXC is working on creating a “fast track channel” to resolve unresolved account issues. Moby Dick claim It had been notified of hundreds of cases in which other traders were subject to “indefinite freezes with no access to funds.”

“[It] It took time and a lot of hate to get you to do it. I’m 100% sure that if he was a person with 100 followers, this tweet wouldn’t exist,” said Joji, a pseudonymous trader. I wrote to X.

Xue: “You’re not wrong.” answered. “It takes a lot of time to wake up the entire company. We are working to make sure this never happens again.”

She explained that part of the problem is the result of growing pains that extend from “very small exchanges” to “exchanges.” Top 10 trading volume. Xue said MEXC’s “risk, operations and public relations teams” have not kept pace with this growth.

“We’re going to change that,” Xue said. “I have coached management to recognize the problem, identify the changes needed, and increase transparency. Then they started listening and everyone acknowledged that MEXC had to change.”

meanwhile, CryptoQuant data In mid-July, around the time White Whale’s funds were frozen, Bitcoin withdrawals on the exchange are shown to have jumped from 40 to 1,237 per day. Withdrawal numbers remain high, with 1,200 withdrawals processed daily on Thursday and 1,450 withdrawals processed on Friday as of 4pm ET.

user above social media Some are currently reporting that they are unable to withdraw funds from the exchange, while others claim they are in the same situation as White Whale.

“I used to have millions of dollars in MEXC, and recently I was plagued with the exact same issue and false claims. Everything was resolved after waiting 14 days. Now I can’t trust it anymore,” said Elja, a crypto trader. I wrote to X.

“MEXC was very accommodating when I joined hedge funds and institutional investors, but then they became less accommodating after they blocked everything from me. [requests] For over 365 days I have had no explanation and no opportunity to interact with customer support to provide evidence or ask for clarification,” said another user. answered.

Mexico did not respond decryptionis seeking comment on the high level of Bitcoin withdrawals being recorded.