- MEXC accused of locking accounts, confiscating assets, including $92,000 in Tether.
- Users report frozen accounts after “abnormal trading,” MEXC cites user agreement enforcement.
- MEXC CEO’s Twitter deleted, exchange apologizes, promises careful handling of future issues.
MEXC, a well-known cryptocurrency exchange, is currently involved in a dispute due to allegations of locking accounts and confiscating assets. Since the middle of December, complaints from several users have been emerging on social media networks, especially on platform X.
The circumstances intensified after a pseudonym trader revealed an enormous loss of $92,000 in Tether tokens. It is reported that they experienced total losses after conducting successful trades for 15 days on the MEXC futures market. The user shared screenshots showing communication with the support team of MEXC, which confirmed that they were looking into a marked irregularity in trading that the exchange staff was examining.
In reply to questions, MEXC attributed the limitations on accounts and the confiscation of funds to “abnormal trading activities.” The exchange justified its conduct by asserting that, as per their user agreement, steps were implemented to recoup losses resulting from detected anomalies in the trading actions involving related accounts.
Furthermore, these accusations have not been one-off occurrences. Additional traders have voiced comparable complaints, including one individual who claimed their account was frozen following a transaction worth $8,000. There have been reports from several people claiming to have faced the same problems with their accounts on the trading platform in the past few weeks.
MEXC’s CEO at the Center of Dispute
Recently, there was a dispute regarding the removal of the MEXC CEO’s Twitter account amid challenging circumstances. The exchange explained that the account had been utilized for marketing and interaction in the early stages of MEXC’s international market expansion but had not received official verification. The original CEO left in July 2022. It was made clear that the account’s removal in December 2023 had no connection to the present official executives of MEXC.
In response to the public uproar, MEXC apologized for the occurrence and promised to approach similar situations with greater care. They declared enhancements, such as the deletion of all interactive tweets by the previous CEO and a dedication to broadcasting major staff alterations through official media channels, all confirmed on their authorized verification platform.
As MEXC moves through this turbulent time, users and onlookers stay watchful, anticipating additional updates.
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