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After a loud scandal and community pressure, MEXC admitted its guilt and unblocked The White Whale trader's funds, which it had been holding hostage since July.
⸻
🔥 Chronology of events — how it was:
, January–April 2025
Trader The White Whale has started trading futures on MEXC.
In April, the exchange noticed two orders executed in one second, and suspected "bots" without evidence.
📆 May–June 2025
The trader makes almost $5 million profit.
The exchange is silent.
, July 2025
The account is suddenly blocked.
$3.1 million is frozen, withdrawal is impossible.
The official reason is “risk control / rule violation".
Even after passing KYC and providing all the documents, there is silence.
⸻
The scandal goes public:
October 10 — On-chain detective ZachXBT stands up for the trader:
“Unfreeze the account — one button. MEXC systematically blocks profitable users.”
October 13 — CSO MEXC Cecilia Hsueh promises reforms:
"The maximum freezing period is 180 days"
, "More transparency"
, "Daily checks"
October 20 — call from a trader and a top manager of MEXC:
The exchange threatens doxing, calls the trader a "violator",
He offers to return the money in exchange for a public admission of guilt.
The White Whale refuses.
October 29-30 — the trader publishes the details of the conversation, orders and all evidence of pressure.
⸻
, The denouement:
October 31 — Cecilia Hsueh writes:
“We screwed up. We apologize to the trader of The White Whale. The funds have been unblocked.”
Arkham confirms that the money has indeed been unlocked.
And CryptoQuant is already recording massive withdrawals from MEXC.
⸻
🔥 Conclusion:
The exchange, which is supposed to protect users, behaves like a raider itself.
They block profitable traders, hide behind “risk control” and threaten with doxing.
And only after public pressure do they return what did not belong to them.👋🫡
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