Overview
- MEXC Chief Strategy Officer Cecilia Hsueh publicly apologized on October 31 and said the trader’s funds were released, pledging a new fast‑track channel for resolving account disputes.
- The exchange had frozen the account in July, alleging bot-like activity after detecting two orders placed within the same second, a claim the trader denied.
- On-chain analyst Zachxbt’s scrutiny of MEXC’s opaque ownership intensified community backlash and helped force a decision after days of mounting pressure.
- CryptoQuant data shows daily Bitcoin withdrawals jumped from roughly 40 to 1,237 in mid-July, and CoinGecko recorded a drop in MEXC’s 24‑hour trading volume to under $5 billion during the flare-up.
- TheWhiteWhaleV2 confirmed receiving approximately $3.1 million and announced plans to airdrop the recovered assets, while many other users continue to report unresolved freezes and fragile trust in the exchange.