- MEXC faces community panic over reports of frozen assets and supposed CEO vanishing on X.
- Users allege withdrawal issues, sparking FUD about potential insolvency.
- MEXC disclaimed withdrawal concerns, threatening legal actions against the entities spreading defamatory statements.
MEXC, a prominent crypto exchange based in Singapore, has become the latest target of panic messages of FUD in the crypto community. Crypto market participants have urged one another to remove their funds from the exchange amid claims that the trading platform was freezing users’ assets.
For instance, many users lamented on X that they could not withdraw their tokens. The complaint was more overwhelming from users attempting to move out Kaspa (KAS) tokens from MEXC.
However, the panic calls gained momentum as the crypto community speculated that John Chen, the CEO of MEXC, had deactivated his X account. In particular, many crypto enthusiasts shared screenshots of a deactivated X handle, “@MEXC_CEO,” suggesting that the exchange leadership was eliminating its presence in the community amid allegations of insolvency. Prominent crypto figures such as Crypto Tony also reposted the screenshot.
Meanwhile, the official MEXC account on X has denied any connection with the said deactivated account to its CEO. The statement read: “MEXC never has an official CEO account. The captured account is a fake account that has been disabled by X.”
However, the response from the MEXC team failed to clear the air that the deactivated account had no connection to its chief executive officer. The reason was that in an announcement in 2021, the MEXC team tagged “@MEXC_CEO” as its CEO’s account on X. Crypto community members pointed out the 2021 post, seeking clarification from MEXC. However, MEXC has yet to explain the apparent contradiction at press time.
On the other hand, MEXC has disclaimed concerns regarding withdrawal issues. “MEXC is operating smoothly, and all systems are normal,” the exchange proclaimed on X. Furthermore, it threatened to take legal actions against the entities spreading the defamatory statements about its business.
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