Exchange Apologizes to “White Whale”

The cryptocurrency exchange MEXC had frozen approximately $3 million belonging to a trader known as White Whale, citing “risk control policies” and demanding that he appear in person in Malaysia to resolve the issue.

Now, the story has reached its conclusion. About three months after the funds were blocked, MEXC’s Chief Strategy Officer, Cecilia Hsueh, publicly apologized to the trader and confirmed that the funds had been returned. In a post shared on the X platform, Hsueh admitted that the exchange had “seriously mishandled” the situation.

“We apologize to White Whale — his funds have been returned and can be withdrawn at any time. I made a communication mistake and let emotions take over,” Hsueh wrote.

The decision to freeze the funds — and the delayed apology — sparked a wave of criticism within the crypto community. In August, White Whale launched a $2 million social media campaign against MEXC, later increasing the budget to $2.5 million. He claimed the exchange had tried to pressure him into flying to Malaysia personally in order to recover his money.

Although the funds were eventually released, many users continue to criticize MEXC for its handling of the case. White Whale himself said the apology was too vague and failed to address the fact that, at the start, the exchange had implied he was a criminal or a fraudster.

The trader also announced that this would not be the end of the matter. He claimed there are “hundreds of similar cases” and pledged to help other users recover their frozen funds. He also promised to donate the entire $3 million he recovered to 20,000 people who supported his campaign and to various non-profit organizations.

The online community has largely rallied behind White Whale.

“Glad he got his money back, but most regular users wouldn’t have that kind of influence. The exchange only reacted after community pressure,” one Reddit user commented.

According to blockchain analytics firm Nansen, following the public apology, the price of MEXC’s native token MX fell by about 2.6%.