MEXC users report funds frozen and seized

Several traders using the MEXC cryptocurrency exchange reported freezes and confiscation of funds. The platform’s representatives attributed the situation to “abnormal trading activity”.

“Funds have completely disappeared”

On December 22, an investor and trader using the pseudonym Vida posted on X, complaining about a $92,000 freeze on MEXC.

Mexc is going shameless mode these days, many users have complained on X that their funds are frozen & taken. I got wiped out for 92k USDT too.

I made my profit through several news trades, 5x’ed my bag on mexc futures in 15 days, and then my account was frozen.

I contacted… pic.twitter.com/urlpQ1e664

— Vida (@Vida_BWE) December 22, 2023

He said he earned profits from several “news trades, fivefold his deposit in 15 days.” However, his account was subsequently frozen.

Vida then contacted support and filed a complaint about unfounded blocking. But the next day all his funds “vanished completely along with the order history.”

“With regard to the account restrictions and issues related to futures/assets trading you raised, our risk-control system and the relevant staff conducted a thorough review. It was found that your account and the addresses associated with it showed abnormal trading activity. In accordance with our Terms of Use, we have taken measures to reimburse the losses incurred,” — said by MEXC representatives.

The user also noted multiple complaints in the exchange’s Telegram channel, which remain unanswered. Some angry investors threaten lawsuits.

My case isn’t a single case, there’s a guy’s complaint tweet here that was retweeted by a tons of cthttps://t.co/Ha8kLXVv4U

also this chinese ct influencer complaint too: https://t.co/oPaM9JifJx

but there are also many people whose voice cannot be heard in the mexc’s telegram… pic.twitter.com/vByrRhEq7x

— Vida (@Vida_BWE) December 22, 2023

A Chinese user of the exchange wrote on X that the platform froze $8,000 as early as September. About 10% of his fellow traders faced a similar situation.

从身边群友被封的比例看，接近10%了，好话说尽，还有人在抹茶玩，我自己亲身经历，冲了8000u买了ordi到3万u在里面出不来直接冻结，账户也不给登陆。mexc和用户对赌，很可能窟窿大到随时跑路，所以肆意在黑用户资金补窟窿。

好良言难劝该死鬼，大慈悲不度自绝人，… https://t.co/jjMFWH6HZG pic.twitter.com/v83KVC6UQ2

— 川沐 (@xiaomucrypto) December 17, 2023

Another user spoke of the account of a friend who deposited a six-figure amount in Bitcoin to buy XMR but could not withdraw.

The number of people getting problems with @MEXC_Official in the last few weeks is huge.

They also froze the account from a friend of mine.

He deposited BTC worth low six-figures in USD, bought XMR, and tried to withdrawal. The first withdrawal went out, however, after the…

— CR1337 (@cryptonator1337) December 23, 2023

“This is a disgusting tactic: luring people who care about their privacy by avoiding mandatory KYC and a generous withdrawal limit of 30 BTC per day,” he noted.

Under MEXC’s terms of service, the exchange has the right to “investigate and unilaterally determine any breach of the agreement,” and to take action under rules “without consent or prior notice” of the user.

ForkLog asked for comment from MEXC representatives, but as of writing had not received a response.

Withdrawal issues and the CEO’s disappearance

In recent days, a number of users reported withdrawal delays. Difficulties in withdrawals have even emerged in smaller networks.

Withdrawals a bit delayed on ⁦@MEXC_Official⁩ I hear .. even on small networks like Koinos pic.twitter.com/wEx8qz0B3w

— Dr Martin Hiesboeck (@MHiesboeck) December 24, 2023

In response, MEXC assured the platform is operating uninterrupted.

Dear MEXCers,

Recently, there have been rumors circulating on the internet trying to smear the platform by spreading misinformation and baseless claims. We would like to clarify the facts for our valued users to ensure that the information you receive is accurate and truthful.… pic.twitter.com/APA3JZsBw7

— MEXC (@MEXC_Official) December 24, 2023

“There have been rumors online lately in attempts to smear the platform by spreading misinformation and unfounded claims. … We are strongly against any form of defamation and/or spreading false information. In response to such unfounded accusations we reserve the right to sue,” said company representatives.

Meanwhile, the platform community has flagged the “disappearance” of MEXC’s chief executive after the removal of the X account “MEXC_CEO.”

MEXC never has an official CEO account.
The captured account is a fake account that has been disabled by X.
Users are encouraged to verify MEXC official channels from here: https://t.co/1xKCnRu8k5

— MEXC (@MEXC_Official) December 24, 2023

MEXC apologised for the “confusion” and explained that the account was once used to promote the exchange. However, in 2022 the original top manager left the company, and access to the account was lost.

In November 2023 a number of Russian-speaking Bitget reported about the blocking of their funds.