Seychelles-Based Crypto Exchange MEXC Rejects ‘Baseless’ User Asset Freeze Claims

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The Seychelles crypto exchange MEXC has rejected claims it is unilaterally freezing users’ accounts or “wiping” out their profits. The MEXC team said it opposes ongoing attempts to defame its name and may resort to taking legal action.

Baseless Claims

The Seychelles-based cryptocurrency exchange, MEXC, has described allegations that it is unilaterally freezing users’ accounts as “baseless claims” being propagated by “individuals with ulterior motives.” In a statement, the MEXC team said it vehemently opposes attempts to defame it or disseminate false narratives and may institute legal proceedings against those behind the rumors.

The crypto exchange’s strong rebuttal of claims followed several media reports of disgruntled users, some of whom have accused MEXC of “wiping” out profits as well as the relevant trade history. One of the affected users claimed to have lost access to 92,000 in USDT stablecoins when the crypto exchange allegedly froze his account.

Sharing his ordeal on X (formerly Twitter), the user, who uses the name Vida, said subsequent attempts to recover the funds were frustrated by MEXC’s support team, which cited “abnormal trading activities” in the user’s account or associated accounts.

Users Urged to Refrain From Spreading False Information

However, in the crypto exchange’s Dec. 24th rebuttal of the claims, the MEXC team said it is still committed to users’ welfare. It also warned users to avoid spreading fake news about the crypto exchange.

“Since its establishment, MEXC has consistently upheld ‘Customer First,’ as its guiding principle. We are committed to safeguarding the interests of users and cultivating project partners. We sincerely appreciate the trust and support that our users have consistently placed in us. We encourage everyone not to blindly believe rumors and refrain from spreading false information,” the crypto exchange said.

It's been 4 hours now and I'm still unable to withdraw any of my KAS, and that is after splitting my larger withdrawal request into smaller ones as the large one was cancelled for no apparent reason, all still processing without an ETA.

I'm at a loss as to what I should do.

— Nadav (@Eros280400) December 24, 2023

In another post on X, the MEXC team disavowed an account purporting to be that of its CEO and told users to verify news about it through official social media channels. Despite the crypto exchange’s assurances, some users continued to report unsuccessful withdrawal requests

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