MEXC Exchange Apologizes to Trader After Fund Freeze Controversy

By: Eva Baxter

In recent developments, the crypto exchange MEXC has come under scrutiny due to a controversial freezing of $3 million worth of funds belonging to a trader known by the pseudonym "White Whale." Following a prolonged period of criticism, MEXC has publicly acknowledged its misstep and has promised to make significant changes to its handling of user accounts.

Approximately three months ago, MEXC freeze imposed on the trader’s account had been met with widespread disapproval among the cryptocurrency community. Users expressed outrage over the exchange’s application of its "risk control rules," which led to the trader being unable to access their assets. The incident triggered a campaign led by the affected trader, further stirring conversations about the transparency and fairness of crypto exchanges.

In a recent public statement, Cecilia Hsueh, the Chief Strategy Officer at MEXC, admitted to mishandling the situation and personally apologized to the affected trader. Addressing the trader as the White Whale, Hsueh stated, "We apologize to [the White Whale], and his money is already released. He can claim it at any time." This admission was aimed at rebuilding trust and transparency with users, with Hsueh also admitting to emotional misjudgment in her initial communication with the trader.

MEXC's executive decision to apologize and overhaul its processes illustrates the ongoing tension and need for balance between security protocols and user trust in crypto exchanges. As MEXC revisits its operational policies, it aims to prevent similar conflicts in the future. Interested parties can learn more about crypto exchange policies through platforms like Binance and Kraken.