March 5, 2024

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A global cryptocurrency exchange is under fire due to a major controversy

A global cryptocurrency exchange is under fire due to a major controversy

The world of cryptocurrencies has been turned upside down with the emergence of controversies surrounding cryptocurrency exchange MexC. For example, suspicious practices and frozen assets were reported, putting MexC in the eye of the storm. The exchange is facing serious allegations and user dissatisfaction.

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$92,000 worth of cryptocurrencies evaporated

Cryptocurrency exchange MEXC, based in Seychelles, is currently under fire for questionable activities. Users claim that their accounts have been closed and their funds have been seized. While MEXC justifies these actions by citing abnormal trading activity, they have raised concerns within the cryptocurrency world.

The first signs of problems at MexC appeared in mid-December. On X (formerly Twitter), many users have gathered in recent days to accuse MEXC of closing their accounts, confiscating their funds, and ignoring support requests.

according to Message on X By a trader named Vida, suspicious activity resulted in his account being frozen. In addition, trading profits amounting to $92,000 were frozen and his order history was erased.

To make matters worse, the exchange's customer service department failed to provide a valid explanation for the account takeover. Customer service was limited to claiming only abnormal trading activity in the account.

Vida backed up this claim with screenshots of his conversation with MEXC support, where the exchange acknowledged the account closure and the outcome of the investigation conducted by their team.

MexC and new FTX?

According to Vida, MexC is involved in faking its liquidity and acting as a market maker. The exchange often bets against users' transactions and acts as a market maker in its own right. However, if a trader makes very large profits, he becomes a problem for the stock market. Sometimes the profit is so large and the deficit that the exchange has to pay the trader is so large that he closes the account immediately.

The merchant also posted screenshots of it Stock exchange order bookWhich seemed thicker than other exchanges, including the world's largest exchange Binance. He concluded his speech by urging users to leave the exchange immediately because it is headed for trouble, similar to FTX.

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