MEXC’s Chief Technique Officer, Cecilia Hsueh, has issued a public apology to crypto dealer “The White Whale” and confirmed the discharge of greater than $3 million in frozen funds. This marks a significant reversal after months of public controversy.
The dealer has been relentlessly campaigning towards the alternate for freezing his funds since August. Reportedly, MEXC additionally requested for an in-person KYC.
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MEXC Admits Fault and Guarantees Reforms
In a candid publish on X, Hsueh admitted that MEXC’s speedy progress outpaced its inner infrastructure, saying the alternate’s “risk, operations, and PR teams have not kept up.”
The brand new CSO took duty for miscommunication and pledged to drive management modifications to enhance transparency and operational consistency.
The apology marks the primary public acknowledgment by MEXC that it mishandled the case. The dispute began in July when the dealer’s account was frozen underneath “risk control” protocols.
The White Whale, who first uncovered the dispute publicly in August, confirmed that his funds had been launched however stated the apology lacked readability.
“While appreciated, it didn’t specify what they were apologizing for,” he stated. “Implying I was a criminal or scammer would have been nice to address.”
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He reaffirmed that he by no means used automated buying and selling bots or privileged API entry. As an alternative, the whale claimed his solely “offense” was being constantly worthwhile on the platform.
$3 Million to Be Donated to Supporters and Charities
White Whale introduced that he would donate all recovered funds as a substitute of preserving them.
Half will go to early supporters by way of his NFT marketing campaign. The remaining shall be distributed to verified non-profit organizations.
He stated an airdrop declare mechanism and group voting system shall be launched within the coming days.
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“It’s not fair that someone with followers be treated differently,” he stated. “I never felt right taking the money back just for myself.”
How It All Began
BeInCrypto first coated the story in an unique interview earlier this yr, the place The White Whale accused MEXC of freezing $3.1 million of his funds with out trigger.
He stated the alternate later demanded he fly to Malaysia for in-person verification — a situation not listed in its phrases of service.
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In that interview, he said that his authorized choices had been restricted because of the alternate’s company construction and that his solely path was public advocacy. MEXC on the time denied wrongdoing, citing “potential risks” underneath its compliance system.
The story gained international traction, with business figures citing it as a cautionary story about centralized alternate oversight and risk-control opacity.
The incident has change into a benchmark case for person rights and operational transparency in centralized exchanges.
Hsueh’s apology suggests MEXC acknowledges the necessity for reform, notably in the way it communicates compliance actions and handles fund freezes. The case highlights the rising affect of public stress in holding exchanges accountable.
“The battle has been won,” The White Whale wrote, “but the war is far from over… This is about fixing our own problems before governments do it for us.”
