MEXC Spurns FUD Over CEO X Account and Frozen Asset Claims 

The exchange emphasized that the account had been inactive since the departure of its CEO in July 2022.

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  • Users of the cryptocurrency exchange MEXC have raised concerns over withdrawal problems.
  • The FUD was further fueled by disabling an account associated with the exchange’s CEO.
  • MEXC has issued an official report addressing the concerns.

The volatile nature of the crypto industry keeps investors grounded in an unwavering commitment to vigilance and caution, swiftly identifying any anomalies that may unsettle the balance of the ecosystem. 

Recently thrust into the spotlight is cryptocurrency exchange MEXC, as users voice concerns about delayed withdrawals amid other unusual platform activities. The plot thickened when alerts surrounding a reported deletion of an account associated with the exchange’s CEO emerged, casting a shadow of doubt on the exchange’s operations. 

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In response to the mounting concerns, MEXC has issued an official report hoping to assuage user apprehensions. 

MEXC Calms Users Concerns

On December 24, MEXC responded to ‘rumors’ surrounding the deletion of an account assumed to be associated with the platform.

The tweet followed reports that the exchange’s CEO, John Chen Ju, had deleted his X account, sparking confusion and speculation about potential legal troubles for the exchange.

MEXC emphasized that while the said account was initially utilized for promotion, it has been inactive since December 2022, following the departure of its CEO in July of the same year.

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“December 2022: The original CEO officially resigned from MEXC. The Twitter account MEXC_CEO was never officially verified by the MEXC platform, and due to its minimal content and followers, MEXC did not make a specific announcement (this is the fundamental reason for the widespread misunderstanding caused by the deletion of this account),” the tweet stated.

The exchange urged users to verify the official accounts associated with the exchange and pledged to make significant announcements relevant to personnel changes to keep users abreast. 

While MEXC’s comments offer reassurance regarding uncertainties about its CEO’s account exit, several users remain unconvinced. 

FUD Over MEXC

Since December 23, 2023, users have expressed concerns about abnormal account activities on MEXC via social media platform X (formerly Twitter), raising questions about the exchange’s stability and financial health.

The exchange has come under scrutiny for reported asset freezes and delayed withdrawals, leading some users to recommend asset liquidations amid fears that the platform may be ‘going under.

However, MEXC has dismissed the claims as misinformation and baseless, asserting that it is “operating smoothly and all systems are normal.”

The exchange urged users to disregard misleading information and warned of potential legal actions if the accusations persist.

On the Flipside

  • Investors should stay vigilant for updates on the unfolding topic to understand how to ensure their safety, if necessary.
  • Some users have suggested that MEXC could be headed for a bankruptcy filing, but there is no evidence to substantiate these claims.

Why This Matters

MEXC’s response to the uncertainty offers assurance to the platform’s users and investors. However, users must remain on guard to protect themselves from potential losses.

Hong Kong is embracing crypto ETFs. Find out more:
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Predictions are rolling in for the 2024 crypto industry; read more:
Bitfinex Forecasts Crypto Users to Top 850 Million in 2024 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.