MEXC Exec Promises Changes After Frozen Crypto Millions Incident

MEXC, a centralized crypto exchange, faced criticism after freezing the account of a pseudonymous crypto influencer, The White Whale, who had $3 million locked for several months. The exchange cited broken terms of service due to rapid order placements as the reason for the suspension. After a public outcry led by The White Whale and support from on-chain investigator ZachXBT, MEXC admitted their mishandling of the situation, apologizing and returning the funds. They also highlighted issues with their system as they scaled rapidly, promising to implement a 'fast-track channel' to resolve account issues more effectively. Meanwhile, numerous users reported similar problems with account freezes, leading to a significant spike in Bitcoin withdrawals from the exchange, indicating a loss of customer trust. MEXC aims to enhance their operations and transparency to prevent future incidents, acknowledging that changes are necessary to keep up with their growth.

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