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MEXC Warns Against Speculation Amid Rumors of Financial Trouble
Rumors of potential financial issues at cryptocurrency exchange MEXC emerged following an incident involving a well-known trader known on X as White Whale. In July 2025, MEXC froze approximately $3.1 million in USDT on his account under its risk control policy and launched an investigation into possible illicit activity.
In response, White Whale accused the exchange of unjustified actions and appealed to the crypto community for support. He launched a social media campaign among his followers and several non-profit organizations with a budget of $2 million, aiming to draw attention to his case and pressure MEXC to unlock his account.
The incident sparked speculation within the crypto community about a possible liquidity crisis at MEXC, with some suggesting that such fund freezes could indicate internal financial instability.
On October 31, MEXC’s Chief Strategy Officer Cecilia Hsueh issued a public apology to White Whale:
“We messed up. I reacted emotionally, and I shouldn’t have. We apologize to White Whale. His funds have been unfrozen and are now available for withdrawal,” she wrote.
In a follow-up post, White Whale claimed that the apology did not clarify the cause or nature of the mistake and that he still had no access to his assets.
Later that day, MEXC published an official statement reaffirming its financial stability and stressing that all supporting data are available for independent public verification.
“We want to state clearly that speculation about the exchange’s financial insolvency is false and misleading. MEXC remains in excellent financial health. User assets are fully protected and backed by reserves exceeding 100%,” the company said.
The exchange also announced the creation of a $100 million Protection Fund, the address of which is publicly verifiable on Etherscan. MEXC urged the community to rely only on official sources to avoid the spread of misinformation.
Earlier, FTX founder and former CEO Sam Bankman-Fried stated that the blame for his exchange’s collapse lies with the interim administration and the law firm Sullivan & Cromwell.
