MEXC exchange CEO deactivates Twitter account amidst fraud allegations
MEXC is a fast growing cryptocurrency exchange but lately the exchange has come into limelight due to severe fraud allegations. The CEO of MEXC has deactivated his X (Twitter) account.
One of the allegations is restricting withdrawals. Since last week, if you deposited funds on the MEXC exchange and tried doing a withdrawal, you were shown a message saying, “To ensure the safety of your funds, after completing a crypto purchase, there may be a 72-120 hour restriction in the withdrawal and transfer of your deposits (other functions are not affected).”
Myriad rumors about fraud allegations
⭐️CEO account deactivated
⭐️funds frozen
⭐️positions liquidated #MEXC #MEXCGlobal #fraud #bitcoin #CryptoNews https://t.co/qCMUw88b26— Kamal Singh 👑 (@emphatic) December 24, 2023
Two hours back, MEXC did tweet out a response to address the rumors but the CEO still has his account deactivated and most users still cannot withdraw their funds. Not only that, myriad screenshots and emails with the customer service that people’s funds were frozen and liquidated. Are they photoshopped? We think not.
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
Tweet from aforementioned user had his funds wiped out along with order history. The support did not help him much either and blamed him for doing abnormal trading on MEXC.