About three months after a pseudonymous cryptocurrency trader said MEXC froze approximately $3 million in his account, the exchange issued a public apology and confirmed that the money was released.
In an
We screwed up.
We apologize to @TheWhiteWhaleV2 and your money is already released. You can claim it at any time.
I was wrong to contact him. I got emotional and I shouldn’t have.
Since I joined MEXC 2 months ago I have been fighting behind the scenes to make MEXC…
– Cecilia Hsueh (@cecilia_hsueh) October 31, 2025
The exchange froze about $3.1 million in July, citing its internal “risk control rules.”
That move prompted White Whale to launch a $2 million social media campaign against MEXC in August.
He later said the campaign’s budget increased to $2.5 million after claiming the exchange asked him to fly to Malaysia to resolve the issue and have the funds returned.
The White Whale responded to Hsueh’s post, saying the apology “did not specify what they were apologizing for.”
He said it would have helped if MEXC had clearly addressed previous public claims that suggested he was “a criminal” due to AML concerns, or a “fraudster” based on later allegations that came even after those AML claims were refuted.
We did it: public outcry forces MEXC to do the right thing
I didn’t have a draft statement for this occasion, as I honestly never expected it to arrive.
I saw the public apology, and while I appreciated it, it didn’t specify what they were apologizing for. Implying that I was a… pic.twitter.com/5qKLLPPXSd
— The White Whale (@TheWhiteWhaleV2) October 31, 2025
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How are users responding to the controversy over the freezing of MEXC funds?
He said “the work is not done yet,” arguing that many others still face similar problems. He also plans to help recover those funds.
The merchant also said he will “distribute 100%” of the $3 million released to 20,000 supporters who backed his campaign, along with nonprofit organizations.
Many online reacted with frustration. “Most regular users wouldn’t stand a chance in a situation like this.” wrote Reddit user Effective-Impact8054.
“So yeah, it’s great that the White Whale finally got paid, but that doesn’t change the fact that MEXC froze a legitimate trader’s funds for months and only fixed it once the Internet got involved.”
As of today, MX Token is trade between $2.40 and $2.80. It is trading at around $2.53, with a 24-hour trading volume of $22.7 million.
The token is slightly up on the day, up around +1.4%.
On a longer period, MX is still well below its peak. Its all-time high was $5.85 on April 9, 2024. At current levels, that’s roughly a 59% drop from its peak.
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The post MEXC Slammed In Frozen Crypto Drama: Exec Speaks Out appeared first on 99Bitcoins.
