At a Glance
- An anonymous X account, @Mystral_777, has leveled serious accusations against the crypto exchange MEXC, including $10 million in frozen withdrawals and extortionate listing fees.
- Allegations also extend to market manipulation, fake engagement, and even sexual misconduct by senior executives, supported by screenshots and leaked information.
- MEXC executive Cecilia Hsueh has responded, admitting internal failures and apologizing for specific user issues, but has not addressed all accusations directly.
- Further user complaints have surfaced, detailing significant fund freezes and a lack of transparent resolution from the exchange.
MEXC Faces Serious Allegations from Anonymous Whistleblower
An anonymous X account known as @Mystral_777 has triggered significant discussion across the cryptocurrency community with a detailed, ten-part exposé. The thread accuses the crypto exchange MEXC of a range of serious offenses, including allegedly freezing withdrawals totaling $10 million, demanding exorbitant listing fees from projects, and accusations of sexual misconduct involving executives, purportedly supported by leaked videos and alleged hush money payments.
The exposé features screenshots, direct messages, and explicit allegations. It’s important to note that none of these claims have been independently verified by law enforcement, regulatory bodies, or Cryptopolitan.
Mystral alleges that numerous crypto projects, such as CateCoin, were charged listing fees exceeding $60,000. Following these payments, they were reportedly asked for additional funds before the tokens could be launched. When projects refused these subsequent demands, their tokens were allegedly never listed on the MEXC platform.
The thread includes a screenshot of an email purportedly from an MEXC listing manager communicating with CateCoin, offering marketing exposure and urging a swift reply.
According to Mystral, the most damning accusation is that MEXC froze over $10 million in user withdrawals, subsequently closing support tickets without providing any explanations.
Several users have shared their experiences. One post from user @Tradecelb claims a loss of $18,500 USDT. Another, @nitwitkook, alleges MEXC froze $14,000 and only returned $3,000 after public outcry, with the remaining balance still unpaid.
A separate report emerged on Reddit from a user who claimed that $30,000 in USDT and ETH were allegedly drained from their account via internal MEXC wallets, despite having Two-Factor Authentication enabled and receiving no support response.
Accusations of Market Manipulation and Fake Engagement Surface
Mystral further contends that MEXC engages in trading against its own users. This allegedly occurs by opening short positions immediately before orchestrating liquidation spikes on low-cap tokens. Numerous X accounts have corroborated these claims, asserting that MEXC manipulates both spot and futures markets, even shorting tokens it lists, and then blocking withdrawals once profits are realized.
User @van00sa posted that MEXC was allegedly dumping tokens while simultaneously shorting them, subsequently freezing funds to cover their losses. Other accounts, including CryptoVikings, MDXCrypto, and @OxNnachet, have accused the exchange of silently profiting from user trades and blocking access when traders achieve substantial success.
One widely shared post from Mystral’s thread asserts, If you lose money, they keep it. If you win big, they lock your funds and accuse you of fraud.
Additionally, Mystral provided screenshots suggesting MEXC employs bot services to inflate likes, comments, and follower counts. The X account claims that 40–50% of MEXC’s engagement across various platforms is artificial, citing analytics linked to social media botting services.
Mystral also shared a purported WhatsApp conversation where a whistleblower claimed that MEXC executive Cecilia Hsueh’s X account was compromised. The hacker allegedly discovered weird orgy vids on her phone, which reportedly involved several other senior MEXC executives.
A video referencing this alleged material was included in the thread published by Mystral. The user claimed the individual in the video was Cecilia, though this could not be independently confirmed. Some social media users noted that a similar video was posted by an adult content page on X over a year prior.
Prominent crypto investigator @zachxbt has joined the calls for greater transparency from MEXC, particularly concerning an alleged shadow owner named Tony. Zach stated that Tony reportedly operates behind multiple offshore entities and questioned why MEXC keeps its beneficial owner hidden from the public.
MEXC Executive Acknowledges Internal Shortcomings
Approximately one hour after the thread gained significant attention, Cecilia Hsueh, an executive at MEXC, posted on X. She stated, We f**ked up. We apologize to @TheWhiteWhaleV2, and his money is already released. Hsueh also admitted that:
I messed up in communicating with him. I got emotional, and I shouldn’t have. Since I joined MEXC 2 months ago I’ve been fighting behind the scenes to get MEXC to change. We grew really fast—a few years ago, we were a very small exchange, but given our current scale, our risk, operations, and PR teams have not kept up.
Hsueh acknowledged that MEXC’s risk management, operations, and public relations departments have not scaled in line with the company’s rapid growth. She expressed a commitment to implementing changes.
In a subsequent post, Hsueh addressed some of the broader concerns, stating, There’s a difference between risk control disputes and insolvency. MEXC’s financials are solid. The issue is operational. She did not directly comment on the allegations of sexual misconduct, leaked images, botting, or internal wallet theft.
When challenged by user CryptoVikings about the delay in returning funds and the potential lack of recourse for regular users, Hsueh stated, We are going to release them. However, she ceased responding when pressed further on why action was only taken after months of public backlash.
Further User Complaints Emerge Regarding Frozen Funds
The controversy surrounding MEXC continues to grow, with additional users coming forward. Trader @maxleebtc shared his own experience, posting screenshots showing 3,300,000 USDT locked in his MEXC account for 20 days, with all attempted withdrawals failing.
Max initially believed it was a system issue. He reported that MEXC support repeatedly advised him to please be patient before later claiming his account exhibited abnormal profit.
The chat log shared by Max indicates that MEXC staff allegedly informed him that his funds were crawled back due to his futures trading performance, without providing any specific details to substantiate this decision.
Max stated that he has contacted MEXC support numerous times, but the responses have been either automated or vague. His funds reportedly remain frozen.
Expert Summary
An anonymous X account’s extensive thread has brought serious allegations against MEXC, including financial misconduct and executive impropriety. While an MEXC executive has acknowledged internal operational failures, many of the most severe accusations remain unaddressed, and further user complaints about frozen funds continue to surface, deepening concerns within the crypto community.