Seychelles-based cryptocurrency exchange MEXC found itself in the midst of controversy on Friday as users on social media site X (formerly Twitter) called for immediate withdrawals amid speculation about the exchange’s potential bankruptcy.
The White Whale alleged that customer support was unresponsive and that when he engaged with Cecilia Hsueh, MEXC’s new Chief Strategy Officer, he was pressured to admit to breaking the rules to have his funds released, a claim he firmly denied.
However, as the situation escalated, a wave of support emerged from the cryptocurrency community, including notable figures like ZachXBT, as many users reported similar issues with MEXC.
This collective response led to warnings on social media urging users to withdraw their funds immediately, fueling the growing unrest.
We fucked up. We apologize to @TheWhiteWhaleV2, and his money is already released. He can claim it at any time. I messed up in communicating with him. I got emotional, and I shouldn’t have. Since I joined MEXC 2 months ago I’ve been fighting behind the scenes to get MEXC to change. We grew really fast—a few years ago, we were a very small exchange, but given our current scale, our risk, operations, and PR teams have not kept up.
She noted that MEXC has experienced rapid growth, but its operational and public relations teams had struggled to keep pace. “We’re going to change that,” she stated, emphasizing that leadership has begun to recognize the need for improvement in transparency and operations.
Featured image from DALL-E, chart from TradingView.com
