MEXC Denies Bankruptcy Rumors Amid Withdrawal Surge Concerns

On Friday, the Seychelles-based cryptocurrency exchange MEXC faced controversy as users on social media called for immediate withdrawals due to bankruptcy rumors.

Key Developments

Market analyst shared a chart indicating a significant increase in withdrawal transactions.
User "The White Whale" claimed account suspension and inability to access $3-5 million, alleging unresponsive customer support.
MEXC's Chief Strategy Officer, Cecilia Hsueh, accused The White Whale of misrepresenting facts; MEXC announced legal action.
Cecilia issued an apology, confirming The White Whale's withdrawal was processed, acknowledging communication errors, and promising operational improvements.
MEXC denied bankruptcy rumors, asserting financial health and full backing of user assets.