Cryptocurrency exchange MEXC released $3 million in frozen funds belonging to the prominent trader “The White Whale,” concluding a four-month public dispute that called the platform’s withdrawal practices into question. The trader, accused in July of violating terms of service, recovered his assets after an intense social media campaign supported by investigator ZachXBT. Cecilia Hsueh, MEXC’s Chief Strategy Officer, admitted the mistake on X: “We messed up. We apologize to The White Whale, and his money has already been released.”
The resolution highlights the power of community pressure; Hsueh acknowledged that the influencer’s large following was key to “waking up the whole company.” This case has brought to light reports of hundreds of similar situations of indefinitely frozen accounts on MEXC, coinciding with a notable increase in the exchange’s on-chain withdrawals since mid-July. Hsueh attributed the problems to “growing pains” from the platform’s rapid expansion.
Looking ahead, MEXC has committed to implementing significant changes to improve transparency and risk management. Hsueh announced plans to create a “fast-track channel” dedicated to resolving unresolved account issues. The market is now watching to see if the exchange will fulfill these promises to reform its operations and regain trust after the controversy.
Source: https://x.com/TheWhiteWhaleV2/status/1984301224230076498
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