Cecilia Hsueh, the Chief Strategy Officer of MEXC, has publicly apologized to crypto trader “The White Whale” and announced the release of over $3 million in previously frozen funds. This represents a significant reversal following months of controversy.
The trader has persistently campaigned against the exchange since August over the freezing of his funds. MEXC reportedly also requested an in-person KYC process.
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MEXC Acknowledges Mistakes and Promises Changes
In a frank post on X, Hsueh admitted that MEXC’s rapid expansion has outstripped its internal systems, stating the exchange’s “risk, operations, and PR teams have not kept pace.”
The new CSO accepted responsibility for miscommunication and vowed to implement leadership changes to enhance transparency and operational consistency.
This apology is MEXC’s first public acknowledgment of mishandling the situation. The issue began in July when the trader’s account was frozen under “risk control” protocols.
The White Whale, who initially brought the issue to light in August, confirmed the release of his funds but expressed that the apology lacked specificity.
“While it’s appreciated, it doesn’t clearly state what they are apologizing for,” he noted. “It would have been nice to address the implication that I was a criminal or scammer.”
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He reiterated that he has never utilized automated trading bots or privileged API access, claiming his only “offense” was being consistently profitable on the platform.
$3 Million to Be Donated to Supporters and Charities
The White Whale announced he would donate all recovered funds rather than retain them.
Half of the amount will go to early supporters through his NFT campaign, while the rest will be distributed to verified non-profit organizations.
He mentioned that an airdrop claim mechanism and a community voting system will be introduced soon.
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“It’s unfair that someone with followers is treated differently,” he stated. “I never felt right about keeping the money just for myself.”
How It All Began
BeInCrypto initially reported the story in an exclusive interview earlier this year, wherein The White Whale accused MEXC of freezing $3.1 million of his funds without justification.
He claimed the exchange later insisted he travel to Malaysia for in-person verification—a requirement not stipulated in its terms of service.
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In that interview, he remarked that his legal options were limited by the exchange’s corporate structure, making public advocacy his only recourse. At that time, MEXC denied any wrongdoing, claiming there were “potential risks” under its compliance system.
The story garnered international attention, with industry experts labeling it a cautionary tale regarding centralized exchange oversight and the opacity of risk-control mechanisms.
This incident has become a landmark case for user rights and operational transparency in centralized exchanges.
Hsueh’s apology indicates MEXC acknowledges the necessity for reform, especially in how it communicates compliance actions and addresses fund freezes. This case underscores the increasing influence of public pressure to ensure accountability among exchanges.
“The battle has been won,” The White Whale stated, “but the war is far from over… This is about rectifying our issues before external authorities feel compelled to intervene.”
