Overview
- MEXC CSO Cecilia Hsueh publicly apologized on Oct. 31, confirmed release of roughly $3.1 million to The White Whale, and said the exchange would create a fast‑track channel for account disputes.
- The White Whale denies using bots, shared trading records, and said he was pressed to admit wrongdoing; a briefly posted MEXC arbitration offer was later removed from the company website.
- Withdrawal activity surged during the dispute as data providers recorded sharp outflows and a drop in trading volume, while MEXC rejected bankruptcy rumors and said user assets are fully backed.
- The White Whale plans to redistribute the recovered funds to supporters and nonprofits and has offered to serve as an unpaid advisor to help MEXC improve governance; Hsueh accepted the offer.
- Reports from other users describing prolonged freezes persist, and investigators’ scrutiny of ownership and controls has left confidence fragile despite MEXC’s pledge to revise policies.