MEXC Criticized In Stalled Crypto Saga: Executive Addresses Situation
Approximately three months after a pseudonymous crypto trader claimed that MEXC had frozen about $3M in his account, the exchange publicly apologized and assured that the funds had been released.
In an X post made on Friday, MEXC’s Chief Strategy Officer Cecilia Hsueh admitted that the company “f***-ed up” in its approach to resolving a dispute with the investor known as White Big investor.
We messed up.
We apologize to @TheWhiteWhaleV2, and his funds have already been released. He can access them at any time.
I made mistakes in my communication with him. I became emotional, which was inappropriate.
Since joining MEXC two months ago, I have been advocating internally to get MEXC to…
— Cecilia Hsueh (@cecilia_hsueh) October 31, 2025
The trading protocol had frozen approximately $3.1M in July, referring to its internal “risk control rules.”
This action prompted White Whale to initiate a $2M social media campaign against MEXC in August.
He later indicated that the campaign budget rose to $2.5M after claiming the trading protocol requested he travel to Malaysia to address the issue and retrieve his funds.
The White Whale responded to Hsueh’s post, stating that the apology “didn’t clarify what they were apologizing for.”
He mentioned it would have been beneficial if MEXC had directly addressed earlier public statements that labeled him “a criminal” due to AML concerns, or a “scammer” based on subsequent accusations that emerged even after those AML claims were disproved.
We Did It – Public Outcry Forces MEXC To Do The Right Thing
I didn’t have a prepared statement for this moment, as I honestly didn’t foresee it happening.
I saw the public apology, and while I appreciate it, it didn’t specify what they were apologizing for. Hinting that I was a… pic.twitter.com/5qKLLPPXSd
— The White Whale (@TheWhiteWhaleV2) October 31, 2025
DISCOVER: 15+ Upcoming Coinbase Listings to Watch in 2025
How Are Users Reacting to MEXC’s Fund Freeze Controversy?
He stated that the “work is not finished,” contending that many others are still dealing with similar problems. He intends to assist in recovering those funds as well.
The trader also mentioned that he will “distribute 100%” of the released $3M to 20,000 supporters who backed his campaign, along with nonprofit organizations.
Many online users expressed their frustration. “Most regular users wouldn’t stand a chance in a scenario like this,” wrote Reddit user Effective-Impact8054.
“So yes, it’s fantastic that the White Large holder finally received his payment, but it doesn’t alter the fact that MEXC froze a legitimate trader’s funds for months and only resolved it once social media got involved.”
As of this moment, MX Crypto token is trading between $2.40 and $2.80. Its current listing is approximately $2.53, with a 24-hour trading volume of $22.7M.
The token has seen a slight uptick today, increasing by about +1.4%.
Over a more extended period, MX remains significantly below its peak. Its all-time high reached $5.85 on April 9, 2024. At current prices, that represents roughly a 59% decline from its highest point.
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
The post MEXC Slammed In Frozen Crypto Drama: Exec Speaks Out originally appeared on 99Bitcoins.
