MEXC frees $3.1M frozen from The White Whale, CSO apologizes

MEXC’s chief strategy officer publicly apologized on Friday and said the exchange has released roughly $3.1 million that had been frozen from the account of a pseudonymous trader known as The White Whale, ending a months‑long dispute that had drawn heavy attention across the crypto community. The funds were initially frozen in July under the exchange’s risk control procedures, officials said, and were returned after a public campaign by the trader and heightened scrutiny from onchain investigators and other community figures.

Cecilia Hsueh, MEXC’s chief strategy officer, posted on X that the company had mishandled the situation. “We fucked up. We apologize to The White Whale, and his money is already released. He can claim it at any time,” she wrote, adding that she “messed up in communicating” and became emotional. Hsueh said the exchange’s rapid growth had outpaced internal infrastructure and that its risk, operations and public relations teams had not kept up. She pledged leadership changes and creation of a fast‑track channel to resolve similar account disputes.

The dispute began when MEXC placed the trader’s account under review, alleging activity consistent with automated...