About three months after a pseudonymous crypto trader reported that the MEXC Exchange had frozen nearly $3 million worth of their holdings, a public representative apologized and released the funds.
In a Friday X Post, MEXC Chief Strategy Officer Cecilia Hsueh said The exchange “f ***-ed up” handling a situation with a crypto user called White Whale. In July, MEXC Frozen $ 3.1 million of user funds, allegedly due to “money control rules.”
“We apologize to (the white whale), and his money has been released,” Hsueh said. “He can claim it at any time. I messed up talking to him. I got emotional, and I shouldn’t have.”
The move away from the centralized exchange prompted White Whale to launch a $2 million social media campaign targeting MEXC in August. He later said he had increased funding for the venture for $2.5 million after MEXC reportedly asked him to fly to Malaysia to resolve the issue and release the funds.
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Many users still blame the exchange situation
“Hile appreciates, it (the apology) doesn’t specify what they’re asking for,” said The white whale in response to Hsueh’s post. “Insinuating that I’m a criminal (with their public AML claims in the beginning) or a scammer (with the latest accusations after the AML has been publicly debunked) would be nice.”
The crypto entrepreneur said the “work is not over,” saying there are hundreds of other cases like his that he intends to pursue to recover the funds. He promised to “distribute 100%” of the released $ 3 million to 20,000 supporters behind his campaign on social media and nonprofit organizations.
“Most regular users wouldn’t stand a chance in a situation like this,” said Reddit User Efektivo-Efekto8054 in response to the resolution. “So yes, it’s great that the white whale has finally been paid, but it doesn’t change the fact that MEXC froze a legitimate trader’s funds for months and only fixed it once the internet got involved.”
https://www.youtube.com/watch?v=gbzwnjtyuum
According to data from Nansen, the price of the MEXC (MX) token fell down Almost 3.5% following the HSUEH post, from $2.30 to $2.22 at press time.
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