Nearly three months after freezing approximately $3 million of a pseudonymous crypto trader known as the White Whale, MEXC has publicly apologized and returned the funds. Cecilia Hsueh, MEXC’s Chief Strategy Officer, acknowledged the exchange mishandled the situation, stating in a Friday post, “We f***-ed up.” The freeze in July was attributed to the exchange’s “risk control rules.” Hsueh admitted to miscommunication and emotional responses during the dispute and confirmed the White Whale’s funds are now available for withdrawal.
The initial freezing led the White Whale to launch an aggressive $2 million social media campaign against MEXC, later increasing the budget to $2.5 million. Part of the dispute involved MEXC requesting the trader to travel to Malaysia to resolve the matter.
Despite the apology, the White Whale criticized the exchange for implying wrongdoing on his part through public anti-money laundering (AML) allegations, which he denied. He emphasized that his fight is far from over, aiming to help hundreds of others facing similar situations and pledged to distribute the released $3 million among campaign supporters and non-profits.
Community reactions praised the outcome as a rare victory for a legitimate trader but condemned MEXC’s initial decision to freeze funds without clear justification. Following the announcement, MEXC’s token price dropped roughly 3.5%, reflecting ongoing market scrutiny.
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