Following the collapse of FTX, cryptocurrency investors have grown increasingly anxious about exchange malpractices. Trusting the figures shown on web2 interfaces requires faith that exchange officials won’t seize funds or withhold balances at their discretion. These concerns are escalating.
On social media, traders have recently reported sudden account freezes. Exchanges claim these actions are due to “abnormal trading activities.” However, the surge in complaints specifically about MEXC Exchange has raised suspicions.
A crypto analyst known as Vida announced a loss of $92,000 after MEXC erased profits from numerous futures market trades over 15 days from their wallet. Rumors suggest that news-driven traders frequently encounter such issues.
Screenshots shared by Vida show MEXC’s support team indicating that their risk control systems flagged a problem with the transactions, which was then investigated by exchange personnel. MEXC’s statements mentioned comprehensive reviews by their risk control system and staff, finding abnormal trading activities in the account and associated accounts. Measures were taken to compensate for the losses according to their terms of service.
MEXC’s terms of service allow unilateral determination of possible violations and the authority to act without consent or prior notice. Sanctions range from blocking trade requests to freezing exchange accounts.
MEXC, established in 2018 and based in Seychelles, could face backlash from the crypto community if such complaints continue on social media. Investors should carefully review and compare current service standards of platforms before deciding where to trade. For now, MEXC’s practices may be alarming to its users.