Crypto traders and users are complaining about MEXC, one of the biggest cryptocurrency exchanges today that do not require Know Your Customer (KYC) verifications for their customers.
The problem involves quite a few reports on X talking about customer funds being frozen, and not being able to take out their money.
Read: MEXC Review: Can You Trust This Crypto Exchange Platform?
MEXC FUD
Crypto Twitter has been buzzing with rumors about the insolvency of MEXC crypto exchange. The situation even escalated to a point when users noticed that the CEO of MEXC deactivated his Twitter account a week ago, adding to the concerns about the exchange’s stability. Crypto influencers shared warnings advising users to withdraw funds from the exchange amidst the insolvency rumors.
Fitzo Crypto (@FitzoCrypto) and other users in the space defended the exchange and argued that the CEO’s deactivated account might be fake, suggesting that influential accounts were falling for misinformation and expressing confidence in MEXC’s financial status.
MEXC Releases An Official Statement
MEXC released an official statement reassuring users that the platform is operating smoothly, and all systems are functional, reminding them not to be misled by any fake news against the exchange.
MEXC responded officially, and denied the existence of an official CEO account and addressed the misinformation circulating online.
In reference to past CEO interviews, crypto influencers pointed to an old post from two years ago, indicating that the CEO had given interviews to a leading Japanese media at that time with the same social media handle, confirming the existence of a CEO. However, the exchange clarified that the CEO mentioned in the interview was no longer in that position, and further highlighted the need to double check various information first before spreading rumors.
Other MEXC Users: No Problems On Their End
Other MEXC users tried to withdraw their funds to see if they were able to do it successfully. Most users confirmed that there were no issues whatsoever. But many are still skeptical about the recent issue and are taking their funds elsewhere to avoid the inconveniences on their end.
Read: TMNG Tokens Successfully Listed on MEXC Crypto Exchange
Final Thoughts
At this point, I cannot confirm nor deny these claims whether people are just attacking or defending this exchange. But to me, it does not seem very likely that people who were just out of the blue are going to be attacking this exchange. So it makes sense to be really cautious here.
As of now, it would be best to keep yourself updated with the official statements of the centralized exchanges that you are using. If you are still worried however, you can use a hardware wallet to store your crypto safely. And as always, please remember, “not your keys, not your crypto.”