$json.CompelingTitle = “MEXC Issues Public Apology and Releases $3M Frozen Funds to ‘White Whale’ Crypto Trader”
In a rare admission of fault, MEXC, a centralized cryptocurrency exchange, has publicly apologized to the pseudonymous trader known as the White Whale after freezing approximately $3.1 million of his funds for several months. Cecilia Hsueh, MEXC’s Chief Strategy Officer, acknowledged the exchange’s mistake in handling the situation and confirmed that the frozen assets have now been fully released.
The controversy began in July when MEXC invoked its “risk control rules” to freeze the White Whale’s holdings. The trader responded with a $2.5 million social media campaign pressuring MEXC to unlock the funds, which included demands for him to travel to Malaysia to resolve the issue. Though many in the crypto community welcomed the release, criticism remained over MEXC’s initial decision to freeze legitimate user assets and the lack of clear communication throughout the ordeal.
Expressing regret over her emotional response during interactions with the White Whale, Hsueh said, “I messed up in communicating with him. I got emotional, and I shouldn’t have.” However, the White Whale insists the exchange has yet to fully address the allegations implied during the freeze, including public anti-money laundering (AML) accusations that were later debunked.
The trader also emphasized that his case is not isolated, stating that numerous others affected by similar freezes will be pursued to recover their funds. Notably, he intends to distribute 100% of the released $3 million to his 20,000 supporters and related nonprofit organizations.
Market response to the apology saw MEXC’s token (MX) price dip by roughly 3.5%, reflecting ongoing uncertainties. Meanwhile, community members highlight that while the resolution is positive, many average users remain vulnerable to sudden fund freezes without adequate recourse.
For more details, read the full article: https://cointelegraph.com/news/mexc-white-whale-trader-token-freeze