Main Highlights
- MEXC is undergoing a significant operational reset, guided by White Whale, the anonymous critic who previously exposed the exchange’s frozen funds crisis.
- White Whale has agreed to serve as an unpaid advisor to MEXC, aiming to help reform its practices following public outcry and accusations of financial misconduct.
- MEXC executive Cecilia Hsueh has apologized for the mishandling of White Whale’s account and publicly accepted his offer to advise, citing it as a catalyst for change.
- Hsueh addressed rumors of sexual misconduct among executives, refuting them and emphasizing the exchange’s focus on establishing transparent fund recovery channels.
- The exchange is implementing streamlined processes and dedicated channels to resolve frozen fund issues, acknowledging internal risk control system shortcomings.
MEXC Initiates Major Overhaul with Former Critic as Advisor
In the wake of significant public backlash concerning its alleged business practices, MEXC is embarking on a substantial operational reset. This initiative is notably being spearheaded by White Whale, the anonymous figure whose earlier revelations regarding the exchange’s frozen funds crisis nearly led to its downfall.
White Whale is stepping into a pivotal role, not as a hired consultant, but as an unpaid advisor, tasked with assisting in the exchange’s reform process. This development follows an explicit public apology from MEXC executive Cecilia Hsueh to White Whale concerning the mismanagement of his account. This incident ignited a widespread discussion originating from X user Mystral, who leveled serious accusations against MEXC, including the freezing of millions in user funds and allegations of unprofessional conduct among executives.
Behind the scenes, Hsueh and White Whale engaged in a lengthy video conference. The subsequent offer from White Whale to support the exchange’s turnaround efforts was particularly unexpected, given his significant role in the campaign that damaged MEXC’s reputation.
My offer… was sincere, White Whale shared on X. If you truly want to fix what was broken—I’ll support you. He emphasized his willingness to contribute to MEXC’s efforts without any financial compensation, drawing upon his extensive experience in building and managing platforms. He articulated that A better MEXC only improves crypto as a whole.
Cecilia Hsueh publicly accepted this offer, stating, We’d be more than happy to have you onboard as an advisor. We’re genuinely grateful for the push you gave us, it became the catalyst for MEXC’s transformation. She acknowledged that while there had been rounds of back and forth, both parties now share a common objective.
Executives Address Allegations and Launch Recovery Channels
Regarding the viral thread containing alleged sexually explicit videos involving MEXC executives, Cecilia Hsueh directly addressed the claims. People enjoy tearing women down by inventing sexual rumors. It’s pathetic, she stated, condemning the accusations.
White Whale publicly supported Hsueh, asserting, She is not the woman in the video. He criticized individuals who shared the leaked clip with him, insisting, Right is right and wrong is wrong… truth still matters. This defense was appreciated by Hsueh, who thanked him for speaking up and having the integrity to say the truth.
In parallel, MEXC has established significant new recovery channels for users experiencing frozen funds. Hsueh admitted that the most frustration stemmed from MEXC’s internal risk control system. If your account has been frozen, we’ve opened two fast-track channels and streamlined the unfreezing process, she announced, providing links to support head Derrick Yeo’s Twitter and Telegram channels.
This announcement garnered substantial attention, with over 433,000 views. A subsequent update 17 hours later confirmed progress: Users who provided the required info have been unfrozen in batches, Hsueh stated. She requested continued patience, noting that Telegram support channels were overwhelmed and that Twitter direct messages were now the preferred method of communication.
Addressing the Max Lee Incident and Fund Freezes
A significant point of contention has been the case of Maxuel (Max) Lee, a trader who presented evidence of over $3.3 million USDT being locked in his account for 20 days, with five attempted withdrawals failing between October 11–13.
Cecilia Hsueh contested these claims, stating that Max had not responded to previous requests for User ID (UID) verification. We found no such account with this amount frozen, she asserted. Our CS team and I have both asked him to provide UID, but there has been no reply until now. If we were wrong and you really have this issue, my dm is open.” She added that Spreading rumors won’t help.
Max’s initial post had indicated his belief that the situation was a system error, stating, At first, I genuinely believed it was a bug or system error. But now, I’ve been told my account had ‘abnormal profit.’ No proof. Just frozen forever.
Earlier, Cecilia had claimed via X that In the past 17 hours, users who provided the required info have been unfrozen in batches. Our support and risk teams are working nonstop, please have some patience.”
Final Thoughts
MEXC is actively working to resolve user concerns, including frozen funds, with the help of former critic White Whale. The exchange is implementing new procedures and transparent communication channels to rebuild trust and enhance its operational integrity.