MEXC Issues Public Apology to White Whale, Returns $3 Million in Frozen Funds

Core Insights - MEXC's Chief Strategy Officer, Cecilia Hsueh, publicly apologized to the crypto trader known as "The White Whale" and confirmed the release of over $3 million in frozen funds, marking a significant turnaround after months of controversy [1][3] - The apology represents MEXC's first public acknowledgment of mishandling the situation, which began when the trader's account was frozen under "risk control" protocols [3] Company Response and Reforms - Hsueh admitted that MEXC's rapid growth outpaced its internal infrastructure, leading to shortcomings in risk management, operations, and public relations [2] - The new CSO took responsibility for the miscommunication and committed to implementing leadership changes to enhance transparency and operational consistency [2] Trader's Reaction and Future Plans - "The White Whale" confirmed the release of his funds but expressed that the apology lacked clarity, particularly regarding implications of wrongdoing [3] - The trader announced plans to donate all recovered funds, with half allocated to early supporters through an NFT campaign and the remainder to verified non-profit organizations [4] - An airdrop claim mechanism and community voting system will be introduced soon, emphasizing fairness in treatment regardless of follower count [5]