MEXC, a well-known crypto exchange, has found itself at the center of controversy after users complained about alleged account freezing and fund seizures.
Concerns raised by multiple users since mid-December have been highlighted in reports circulating on social media platforms, particularly on X.
A pseudonymous trader revealed a significant loss of $92,000 in Tether tokens, which drew attention to the situation. The trader claimed to have lost money after making profitable trades in MEXC’s futures market for 15 days.
The user’s screenshots show interactions with MEXC‘s support team, including acknowledging a flagged trading anomaly that prompted an investigation by the exchange’s staff.
MEXC cited “abnormal trading activities” as the reason for account restrictions and fund seizures in response to inquiries.
The exchange defended its actions, claiming that they were taken under their terms of service to recover losses incurred as a result of identified irregularities in trading activities across associated accounts.
These allegations appear to be part of a larger problem, with other traders voicing similar complaints. Following a $8,000 trade, one user reported an account freezing incident, and complaints surfaced from individuals who claimed to have experienced similar issues with their accounts on the exchange in recent weeks.
The recent deletion of the MEXC CEO’s Twitter account adds to the controversy. The exchange clarified that the account, which was used for promotional and engagement purposes during the early stages of MEXC’s global market development, was never officially verified.
The original CEO left the company in July 2022. The subsequent deletion of the account in December 2023 was explained as having nothing to do with MEXC’s current official leadership.
Recognizing the outcry, MEXC apologized for the incident and promised to handle similar incidents more cautiously in the future.
They announced improvements, such as the removal of all interactive tweets from the former CEO and a pledge to make public announcements for significant personnel changes on official media accounts, all of which will be verified on their official verification platform.