Overview
- On Oct. 31, CSO Cecilia Hsueh issued a public apology and confirmed the release of roughly $3.0–$3.15 million to The White Whale.
- Hsueh acknowledged that MEXC’s growth outpaced its risk, operations and PR teams and said a new fast-track channel will address account disputes.
- Public pressure intensified after on-chain investigator ZachXBT questioned the exchange’s ownership and practices, triggering a wave of withdrawals.
- Data from CryptoQuant and CoinGecko showed elevated outflows and a decline in trading volume, underscoring fragile user confidence.
- MEXC rejected insolvency and bankruptcy rumors and asserted user assets are fully backed as more customers reported prolonged freezes.