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 in opposition to the trade 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 submit on X, Hsueh admitted that MEXC’s speedy development outpaced its inner infrastructure, saying the trade’s “threat, operations, and PR groups haven’t stored up.”
The brand new CSO took accountability 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 beneath “threat management” protocols.
The White Whale, who first uncovered the dispute publicly in August, confirmed that his funds had been launched however mentioned the apology lacked readability.
“Whereas appreciated, it didn’t specify what they had been apologizing for,” he mentioned. “Implying I used to be a prison or scammer would have been good to handle.”
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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 persistently worthwhile on the platform.
$3 Million to Be Donated to Supporters and Charities
White Whale introduced that he would donate all recovered funds as an alternative of preserving them.
Half will go to early supporters by means of his NFT marketing campaign. The remaining shall be distributed to verified non-profit organizations.
He mentioned an airdrop declare mechanism and neighborhood voting system shall be launched within the coming days.
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“It’s not honest that somebody with followers be handled otherwise,” he mentioned. “I by no means felt proper taking the cash again only for myself.”
How It All Began
BeInCrypto first coated the story in an unique interview earlier this 12 months, the place The White Whale accused MEXC of freezing $3.1 million of his funds with out trigger.
He mentioned the trade 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 as a result of trade’s company construction and that his solely path was public advocacy. MEXC on the time denied wrongdoing, citing “potential dangers” beneath its compliance system.
The story gained world traction, with trade figures citing it as a cautionary story about centralized trade oversight and risk-control opacity.
The incident has turn into a benchmark case for person rights and operational transparency in centralized exchanges.
Hsueh’s apology suggests MEXC acknowledges the necessity for reform, significantly 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 gained,” The White Whale wrote, “however the conflict is much from over… That is about fixing our personal issues earlier than governments do it for us.”