About three months after a pseudonymous crypto trader reported that the MEXC exchange had frozen about $3 million price of his holdings, a representative publicly apologized and released the funds.
Cecilia Hsueh, MEXC's chief strategy officer, said in a post on Friday. In July, MEXC froze $3.1 million of users' funds, allegedly resulting from the exchange's “risk control rules.”
“We apologize [the White Whale]and his money is already released,” Hsueh said. “He can claim it at any time. I tousled communication with him. I got emotional, and I shouldn't have done that.”
Source: Cecilia Hsueh
The move from the centralized exchange prompted White Whale to launch a $2 million social media campaign for MEXC in August. He later said he had increased the enterprise's funding to $2.5 million after reporting that MEXC had asked him to fly to Malaysia to resolve the problem and release the funds.
Many users still blame the exchange for the situation
“[W]I actually appreciated it [the apology] I didn't specify what they were apologizing for,” White Whale said in response to Hsueh's post. “It would have been nice to suggest that I used to be a criminal (with their public AML claims at first) or a fraudster (with the recent allegations after AML was publicly exposed).”
The crypto trader said the “work isn’t done” and claimed that there are a whole lot of other cases much like his that he desires to pursue to recuperate funds. He pledged to distribute “100%” of the $3 million released to twenty,000 supporters of his social media campaign and nonprofit organizations.
“Most normal users wouldn’t stand a probability in a situation like this,” Reddit user Effective-Impact8054 responded to the answer. “So yes, it’s great that the White Whale finally got paid, but it surely doesn’t change the indisputable fact that MEXC froze a legitimate trader’s funds for months and didn’t fix the issue until the web got here into play.”
According to Nansen, the worth of the MEXC token (MX) fell roughly 3.5% following Hsueh's post, from $2.30 to $2.22 on the time of publication.
