MEXC Exchange Quells Concerns: Clarifies Deleted ‘CEO’ Account Amid Withdrawal Rumors

MEXC has clarified the deletion of a Twitter account named “MEXC_CEO,” explaining that the owner of the account no longer had any connection with the exchange. 

Last week, the MEXC_CEO Twitter account, which some users assumed belonged to the exchange’s CEO, John Chen Ju, suddenly disappeared, adding to existing fears that the platform might be experiencing difficulties. 

Some speculated that the removal of the account could indicate trouble within the firm.

🚨BREAKING

The CEO of MEXC has deactivated his account a week ago.

Stay Safe. pic.twitter.com/9SB51veBBP

— Elja (@Eljaboom) December 24, 2023

In response, MEXC released a statement on December 24, seeking to alleviate any confusion.

The exchange explained that although the account had once been used officially to promote the exchange, the CEO associated with it had left the company in July 2022. 

Consequently, the individual behind the account no longer had any actual connection with MEXC. 

The exchange acknowledged that it had failed to make a specific announcement regarding this change, leading to widespread misunderstanding and confusion when the account was abruptly deleted without notice.

“We sincerely apologize for any confusion caused by this incident,” expressed the exchange. 

MEXC pledged to make public announcements of significant personnel changes involving official media accounts in the future. 

Users Report Withdrawal Issues on MEXC

The deletion of the Twitter account led to increased concerns as some traders had reported frozen accounts as early as December 16, while others encountered challenges withdrawing their cryptocurrencies from the exchange.

Several users on the exchange reported issues and delays with withdrawals in recent days, particularly involving Kaspa (KAS) tokens. 

One trader claimed to have made a profit through new trades on the futures market in 15 days but saw his account frozen the next day.

“I contacted the support and submitted documents. And then on the second day, funds in the accounts were completely wiped out Along with the order history,” they wrote.

However, MEXC reassured its user base that the exchange was operating smoothly, with all systems functioning normally. 

“In response to such unfounded accusations, we reserve the right to take legal action,” stated MEXC in a post on X (formerly Twitter) on December 24.

“Please do not be misled by rumors or by individuals with ulterior motives. We vehemently oppose any form of defamation and/or the dissemination of false information.”

Founded in 2018, the exchange also offers quantitative trading, leveraged ETFs and index ETFs. 

Over the past 24 hours, MEXC has a spot trading volume of over $2.1 billion, with more than $1.5 billion in assets, according to data from CoinMarketCap.