MEXC’s CSO issued a public apology to crypto trader “The White Whale,” releasing over $3 million in frozen funds after months of controversy. The trader criticized MEXC for freezing his account and demanding in-person KYC verification. The exchange admitted rapid growth outpacing internal infrastructure, promising leadership changes for transparency.

The apology marked MEXC’s first acknowledgment of mishandling the case. The White Whale confirmed fund release but found the apology lacking clarity. He vowed to donate all recovered funds, half to early supporters through NFT campaign and the rest to non-profits. Airdrop claim mechanism and community voting system are forthcoming.

In an exclusive interview with BeInCrypto, The White Whale accused MEXC of freezing $3.1 million without cause. The exchange demanded in-person verification in Malaysia, not listed in terms of service. The incident became a global cautionary tale on centralized exchange oversight and user rights, prompting calls for operational transparency and accountability reforms.

Read more at Yahoo Finance: MEXC Issues Public Apology to White Whale, Returns $3 Million in Frozen Funds