MEXC Issues Public Apology to White Whale, Returns $3 Million in Frozen Funds

MEXC's Chief Strategy Officer, Cecilia Hsueh, issued a public apology to the crypto trader known as 'The White Whale' and confirmed the release of over $3 million in funds that had been frozen since August following months of public controversy. Hsueh admitted that MEXC's rapid growth outpaced its internal infrastructure, leading to miscommunication and operational failures, and pledged leadership changes to improve transparency. The White Whale confirmed the funds were released but noted the apology lacked specificity regarding the initial accusations, as he maintained his only 'offense' was being consistently profitable and denied using automated bots. In response to the resolution, The White Whale announced he will donate all recovered funds—half to early supporters via an NFT campaign and the remainder to verified non-profits—stating it was not fair to keep the money for himself. The entire saga, which included MEXC previously demanding an in-person KYC in Malaysia, has become a significant case highlighting the need for greater operational transparency in centralized exchanges.

(Source：BeInCrypto)