Audit log

Every state-changing event for MEXC: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-05-18 23:35:03Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"15ff033c-ce4e-45ca-ae7c-abeffa2066b7","kind":"publish","page_slug":"mexc","published_at":"2026-05-18T23:35:03.279Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"MEXC","sections":[{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]}],"sources_used":[],"summary":"MEXC is a centralized cryptocurrency exchange founded in 2018, incorporated in Seychelles, that has accumulated a significant regulatory record across multiple jurisdictions including warnings or cease orders from authorities in Hong Kong, Germany, Belgium, Japan, Estonia, and South Korea. The exchange gained widespread notoriety in late 2025 after on-chain investigator ZachXBT amplified user reports of frozen funds, including a high-profile case in which a trader known as 'The White Whale' had approximately $3 million frozen without adequate explanation, eventually prompting a public apology from the exchange's Chief Strategy Officer. MEXC's parent entity MEXC Global Ltd was struck off by the Seychelles registry in August 2023, dissolved in December 2024, and never obtained a license under the Seychelles VASP Act 2024, leaving its current operational and legal standing opaque.","timeline":[{"date":"2018-01-01","event":"MEXC exchange founded, later rebranded from MXC Exchange to MEXC Global.","source":"","source_url":"https://www.mexc.com/about"},{"date":"2020-02-18","event":"MEXC Global Ltd incorporated as an International Business Company in Seychelles.","source":"","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2023-08-17","event":"MEXC Global Ltd struck off the Seychelles registry.","source":"","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2023-10-01","event":"Germany's BaFin issues consumer warning that MEXC is providing unauthorized crypto custody services in Germany.","source":"","source_url":"https://www.coinlive.com/news/germany-s-bafin-issues-warning-to-mexc-exchange-for-unauthorized-financial"},{"date":"2023-11-17","event":"Estonia's Financial Intelligence Unit revokes the license of MEXC Estonia OÜ, citing money laundering concerns. MEXC files a legal appeal.","source":"","source_url":"https://fintelegram.com/breaking-mexc-estonia-lost-crypto-license-over-money-laundering-issues/"},{"date":"2024-03-15","event":"Hong Kong's Securities and Futures Commission adds MEXC to its Suspicious Virtual Asset Trading Platforms Alert List for operating without a VATP license.","source":"","source_url":"https://www.coindesk.com/policy/2024/03/15/hong-kong-regulator-says-crypto-exchange-mexc-has-been-operating-without-a-license"},{"date":"2024-07-23","event":"Belgium's FSMA orders MEXC Global Ltd to cease all custodian wallet services and cease distribution of virtual-asset-linked financial products to Belgian retail clients.","source":"","source_url":"https://www.fsma.be/en/news/mexc-global-ltd-wwwmexccom-order"},{"date":"2024-12-18","event":"MEXC Global Ltd automatically dissolved in Seychelles. The entity never applied for a license under the Seychelles VASP Act 2024.","source":"","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2025-04-11","event":"South Korea's FIU directs Apple to block MEXC's app from the Korean App Store; Google Play also delists MEXC in South Korea for failure to register as a VASP.","source":"","source_url":"https://www.coindesk.com/policy/2025/04/14/kucoin-mexc-and-12-crypto-exchanges-apple-apps-blocked-in-south-korea"},{"date":"2025-05-30","event":"Seychelles FSA issues public statement confirming MEXC Global Ltd was struck off, dissolved, and never licensed under the VASP Act 2024.","source":"","source_url":"https://fsaseychelles.sc/media-corner/regulatory-updates/public-statement-mexc-global-limited"},{"date":"2025-07-01","event":"MEXC freezes the account of trader 'The White Whale,' citing alleged automated trading violations. Approximately $3.1 million is inaccessible.","source":"","source_url":"https://beincrypto.com/mexc-apologizes-white-whale-3-million-dispute/"},{"date":"2025-10-30","event":"ZachXBT publicly amplifies The White Whale's frozen fund case; Bitcoin withdrawals from MEXC surge from approximately 40 to over 1,200 per day.","source":"","source_url":"https://finance.yahoo.com/news/fucked-mexc-exec-promises-changes-213450173.html"},{"date":"2025-11-01","event":"MEXC Chief Strategy Officer Cecilia Hsueh issues public apology, acknowledges operational failures, and returns over $3 million in frozen funds to The White Whale.","source":"","source_url":"https://finance.yahoo.com/news/mexc-issues-public-apology-white-222146173.html"},{"date":"2025-12-20","event":"MEXC faces renewed scrutiny over premarket scam allegations, including cases where seller defaults were not compensated per MEXC's own collateral rules.","source":"","source_url":"https://www.cryptotimes.io/2025/12/20/mexc-once-again-faces-scrutiny-on-premarket-scams-allegations/"}]},"v":1}

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2. #2reviewby reviewerreviewer

   2026-06-13 19:37:59Z
   Score: 18 → 18 (no score change)
   The MEXC investigation page is factually well-grounded. All major regulatory actions (BaFin, SFC, FSMA, FIU Estonia, South Korea FIU, Seychelles FSA) are confirmed by primary or tier-1 sources, as are the core facts of the White Whale incident and MEXC Global Ltd's dissolution. Five claims are partially supported due to minor date imprecision (BaFin date listed as October 1 vs. actual October 17-19; White Whale freeze day listed as July 1 without confirmation; CSO apology dated November 1 vs. confirmed October 31) and one factual misattribution: the bitcoin withdrawal spike (40 to 1,200+ per day) occurred in mid-July 2025 at the time of the initial freeze, not in late October after ZachXBT's amplification as the timeline implies. No claims were found to be disputed or unverifiable. The page's primary structural weakness is that all six sections have empty content, making the investigation wholly dependent on the summary and timeline.
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   {"actor":"reviewer","decided_at":"2026-06-13T19:37:59.018Z","decision":"review","investigation_id":"15ff033c-ce4e-45ca-ae7c-abeffa2066b7","new_score":18,"page_slug":"mexc","prev_score":18,"reason":"The MEXC investigation page is factually well-grounded. All major regulatory actions (BaFin, SFC, FSMA, FIU Estonia, South Korea FIU, Seychelles FSA) are confirmed by primary or tier-1 sources, as are the core facts of the White Whale incident and MEXC Global Ltd's dissolution. Five claims are partially supported due to minor date imprecision (BaFin date listed as October 1 vs. actual October 17-19; White Whale freeze day listed as July 1 without confirmation; CSO apology dated November 1 vs. confirmed October 31) and one factual misattribution: the bitcoin withdrawal spike (40 to 1,200+ per day) occurred in mid-July 2025 at the time of the initial freeze, not in late October after ZachXBT's amplification as the timeline implies. No claims were found to be disputed or unverifiable. The page's primary structural weakness is that all six sections have empty content, making the investigation wholly dependent on the summary and timeline.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3review approveby judgejudge

   2026-06-13 19:37:59Z
   Score: 18 → 18 (no score change)
   The reviewer examined 22 claims and found zero disputed. Sixteen claims are fully confirmed by primary or Tier-1 sources; five are partially supported due to minor date imprecision only (e.g., claim_findings[12] places the CSO apology on November 1 while Cecilia Hsueh's dated X post confirms October 31, and claim_findings[21] misattributes the July withdrawal spike to ZachXBT's October amplification). All major regulatory actions — BaFin, Hong Kong SFC, Belgian FSMA, Estonia FIU, South Korea FIU, and the Seychelles FSA dissolution — are confirmed by government primary sources or Tier-1 journalism. With disputed_pct at 0% and reviewer confidence at 0.88, the page meets the approval threshold. Three high-priority coverage gaps remain (beneficial ownership, current post-dissolution operating entity, and empty section bodies) and should be addressed in a follow-up expansion rather than treated as grounds for denial.
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   {"actor":"judge","decided_at":"2026-06-13T19:37:59.018Z","decision":"review_approve","investigation_id":"15ff033c-ce4e-45ca-ae7c-abeffa2066b7","new_score":18,"page_slug":"mexc","prev_score":18,"reason":"The reviewer examined 22 claims and found zero disputed. Sixteen claims are fully confirmed by primary or Tier-1 sources; five are partially supported due to minor date imprecision only (e.g., claim_findings[12] places the CSO apology on November 1 while Cecilia Hsueh's dated X post confirms October 31, and claim_findings[21] misattributes the July withdrawal spike to ZachXBT's October amplification). All major regulatory actions — BaFin, Hong Kong SFC, Belgian FSMA, Estonia FIU, South Korea FIU, and the Seychelles FSA dissolution — are confirmed by government primary sources or Tier-1 journalism. With disputed_pct at 0% and reviewer confidence at 0.88, the page meets the approval threshold. Three high-priority coverage gaps remain (beneficial ownership, current post-dissolution operating entity, and empty section bodies) and should be addressed in a follow-up expansion rather than treated as grounds for denial.","score_delta":0,"sequence_num":3,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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4. #4reviewby reviewerreviewer

   2026-06-14 23:16:22Z
   Score: 18 → 18 (no score change)
   Blue-chip calibration review (Prompt A). Verdict: over-penalized. Page content is treated as accurate; the trust_score band is miscalibrated. MEXC is a large, actively operating centralized exchange — ranked #3-4 globally by perpetuals open interest and carrying a 9/10 CoinGecko trust score as of June 2026 — that does not meet the CRITICAL band's threshold of 'evidence of fraud/scam.' The incidents driving the score are: (1) administrative dissolution of its Seychelles holding entity (not an operating entity collapse), (2) unlicensed-operations warnings from six regulators (a WARNING-tier regulatory profile, not a fraud finding), (3) a high-profile $3M account freeze that was resolved with a public apology and fund release, and (4) premarket collateral disputes attributable to third-party sellers on its platform. None of these constitute the exchange itself running a Ponzi, executing an exit scam, or misappropriating customer funds on a systemic basis. A score of 28 and WARNING band accurately reflects the material but unresolved regulatory exposure, the opacity of its current corporate structure after the Seychelles dissolution, and the pattern of account-freeze complaints — without treating a still-operating major exchange as fraudulent.
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   {"actor":"reviewer","decided_at":"2026-06-14T23:16:21.969Z","decision":"review","investigation_id":"15ff033c-ce4e-45ca-ae7c-abeffa2066b7","new_score":18,"page_slug":"mexc","prev_score":18,"reason":"Blue-chip calibration review (Prompt A). Verdict: over-penalized. Page content is treated as accurate; the trust_score band is miscalibrated. MEXC is a large, actively operating centralized exchange — ranked #3-4 globally by perpetuals open interest and carrying a 9/10 CoinGecko trust score as of June 2026 — that does not meet the CRITICAL band's threshold of 'evidence of fraud/scam.' The incidents driving the score are: (1) administrative dissolution of its Seychelles holding entity (not an operating entity collapse), (2) unlicensed-operations warnings from six regulators (a WARNING-tier regulatory profile, not a fraud finding), (3) a high-profile $3M account freeze that was resolved with a public apology and fund release, and (4) premarket collateral disputes attributable to third-party sellers on its platform. None of these constitute the exchange itself running a Ponzi, executing an exit scam, or misappropriating customer funds on a systemic basis. A score of 28 and WARNING band accurately reflects the material but unresolved regulatory exposure, the opacity of its current corporate structure after the Seychelles dissolution, and the pattern of account-freeze complaints — without treating a still-operating major exchange as fraudulent.","score_delta":0,"sequence_num":4,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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5. #5review approveby judgejudge

   2026-06-14 23:16:22Z
   Score: 18 → 28 (+10)
   This is a severity-calibration adjudication. The page content is accurate and all six claim findings are supported (disputed_pct = 0%). The review finds MEXC is a large, actively operating exchange ranked #3-4 globally by perpetuals open interest with a 9/10 CoinGecko trust score (claim_findings[0]), which is inconsistent with a CRITICAL band classification. The incidents cited on the page — the Seychelles corporate dissolution (claim_findings[2]), six multi-jurisdiction unlicensed-operations warnings (claim_findings[3]), the resolved White Whale account freeze (claim_findings[1]), and premarket scam allegations attributable to third-party sellers (claim_findings[4]) — do not collectively meet the CRITICAL threshold of confirmed fraud, exit scam, or systemic misappropriation of customer funds (claim_findings[5]). A score of 28 (WARNING band) correctly captures the material and unresolved regulatory exposure and corporate opacity without treating a still-operating major exchange as fraudulent. A positive score delta of +10 is warranted to move the score from 18 to 28, correcting a demonstrably miscalibrated severity band. Reviewer confidence is 0.82.
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   {"actor":"judge","decided_at":"2026-06-14T23:16:21.969Z","decision":"review_approve","investigation_id":"15ff033c-ce4e-45ca-ae7c-abeffa2066b7","new_score":28,"page_slug":"mexc","prev_score":18,"reason":"This is a severity-calibration adjudication. The page content is accurate and all six claim findings are supported (disputed_pct = 0%). The review finds MEXC is a large, actively operating exchange ranked #3-4 globally by perpetuals open interest with a 9/10 CoinGecko trust score (claim_findings[0]), which is inconsistent with a CRITICAL band classification. The incidents cited on the page — the Seychelles corporate dissolution (claim_findings[2]), six multi-jurisdiction unlicensed-operations warnings (claim_findings[3]), the resolved White Whale account freeze (claim_findings[1]), and premarket scam allegations attributable to third-party sellers (claim_findings[4]) — do not collectively meet the CRITICAL threshold of confirmed fraud, exit scam, or systemic misappropriation of customer funds (claim_findings[5]). A score of 28 (WARNING band) correctly captures the material and unresolved regulatory exposure and corporate opacity without treating a still-operating major exchange as fraudulent. A positive score delta of +10 is warranted to move the score from 18 to 28, correcting a demonstrably miscalibrated severity band. Reviewer confidence is 0.82.","score_delta":10,"sequence_num":5,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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6. #6rescoreby systemsystem

   2026-10-10 18:44:23Z
   Score: 28 → 56 (+28)
   Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 56. Problems weighed by who is responsible: concerns that are not fraud −19.2; legitimacy credit long-running +10; fact-check adjustments (+10) now shown as page reliability, not in the score.
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   {"actor":"system","decided_at":"2026-10-10T18:44:23.062Z","decision":"rescore","investigation_id":"15ff033c-ce4e-45ca-ae7c-abeffa2066b7","new_score":56,"page_slug":"mexc","prev_score":28,"reason":"Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 56. Problems weighed by who is responsible: concerns that are not fraud −19.2; legitimacy credit long-running +10; fact-check adjustments (+10) now shown as page reliability, not in the score.","score_delta":28,"score_model":"v2","sequence_num":6,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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