MEXC unfreezes $3.1 million in assets… official apology for delaying user disputes

About three months ago, a cryptocurrency trader using a pseudonym claimed that the incident involving approximately $3.1 million (about 4.2 billion KRW) in assets being frozen at the MEXC exchange has recently been resolved. The exchange has officially apologized and lifted the freeze on the assets.

MEXC Chief Strategy Officer Cecilia Shie recently posted an apology on X (formerly Twitter), admitting that the exchange made an error in handling the user's “white whale” asset freeze issue. In July of this year, MEXC froze the user's $3.1 million assets citing internal “risk control rules.”

Shie stated: “We apologize to the white whale, its assets have now been fully unfrozen and can be withdrawn at any time. I failed to maintain professionalism during the communication, and my emotional response was indeed inappropriate.”

The white whale had previously made public appeals for justice and initiated a market campaign worth $2 million (approximately 2.7 billion KRW) to pressure the exchange. With this apology and the unfreezing of assets, the dispute between the exchange and users has temporarily come to a close.

The incident has once again raised concerns about the asset control and transparency issues of centralized exchanges, while also reflecting the industry's need to improve user protection standards.