X users report the freezing and seizure of the MEXC crypto exchange’s funds
The company responded by stating that all platform systems were operating normally
25.12.2023 - 08:20
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2 min
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What’s new? Some users of social network X reported the freezing and withdrawal of their funds by the crypto exchange MEXC due to “abnormal trading activities.” For example, a trader under the nickname Vida said that his entire order history as well as 92 000 USDT stablecoins from a series of trades on the futures market over the past two weeks have disappeared from his account. This happened after he contacted support regarding the freezing of funds. In correspondence with him, the exchange’s representatives stated that they had taken measures to compensate him for the abnormal trading activity identified by the risk control department under the user agreement.
What else is known? MEXC’s terms of use state that the exchange has the right to investigate any violation of the agreement, unilaterally determine whether violations exist, and take action without consent or prior notice to users.
Such actions include blocking and closing orders, freezing accounts, reporting incidents to authorities, publishing data on alleged violations and actions taken, and deleting any information that violates the terms.
The exchange itself later urged users to disregard “misinformation and baseless claims” that are being spread to smear the platform. The company assured that the platform is running smoothly all its systems are in normal condition, and the team is focused on protecting the interests of users. MEXC threatened to take legal action for spreading false information. At the same time, the post does not specify which cases of spreading misinformation are in question.
Trader Vida responded by saying the number of incidents with frozen funds is already several hundred and he is just one of the victims.
“You only wanna retail investors that use high leverage on your platform so that you can profit from their trading losses,” the user concluded.
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