Behind The MEXC Drama: Is Bankruptcy Inevitable?
The post Behind The MEXC Drama: Is Bankruptcy Inevitable? appeared on BitcoinEthereumNews.com.
Seychelles-based cryptocurrency exchange MEXC found itself in the midst of controversy on Friday as users on social media site X (formerly Twitter) called for immediate withdrawals amid speculation about the exchange’s potential bankruptcy. What Happened At MEXC? Market analyst J.A. Maartun was among the first to draw attention to the situation, sharing a chart on social media that indicated a significant spike in withdrawal transactions around midday. Researcher Hanzo also shed light on the unfolding drama, revealing the plight of a user known as “The White Whale.” This individual claimed that his account was suspended despite engaging in trading without the use of bots or APIs, leaving him unable to access his funds, which he estimated at between $3 million and $5 million. The White Whale alleged that customer support was unresponsive and that when he engaged with Cecilia Hsueh, MEXC’s new Chief Strategy Officer, he was pressured to admit to breaking the rules to have his funds released, a claim he firmly denied. Cecilia later responded that their conversation should have remained private and accused The White Whale of misrepresenting the facts. MEXC subsequently announced its intention to take legal action against him for alleged misinformation. However, as the situation escalated, a wave of support emerged from the cryptocurrency community, including notable figures like ZachXBT, as many users reported similar issues with MEXC. This collective response led to warnings on social media urging users to withdraw their funds immediately, fueling the growing unrest. CSO Issues Apology In a rapid development, Cecilia issued an apology and confirmed that The White Whale’s withdrawal had been processed. She stated: We fucked up. We apologize to @TheWhiteWhaleV2, and his money is already released. He can claim it at any time. I messed up in communicating with him. I got emotional, and I shouldn’t…
Filed under: News - @ November 1, 2025 8:21 am