Be very Careful using the MEXC.COM Crypto Exchange! ⚠️⚠️⚠️

in #proofofbrain2 months ago (edited)

Screenshot 2022-11-29 at 2.40.52 PM.png

On 11/09/22 I deposited 61.993950 ATOM to the MEXC.com exchange COSMOS Transaction hash 719D379EA9F8A5F23FA17DCBDB6A664BA64D354AD35CA4A174A948FE583ABBA2. Unfortunately, I messed up the memo and put 110398 instead of (110389 the correct memo), as can be seen in a screenshot from the MEXC.COM site below.

Screenshot 2022-11-29 at 3.10.46 PM.png

So this is just a case of a "botched memo" however MEXC has turned it into a nightmare, and it appears that I may never see these 61.99 ATOMS again... but WHY?

MEXC.COM claims the funds went to another user account on their exchange, and they need this person to respond so they can retrieve my funds. According to the support staff at MEXC.com, they froze my funds, however until this mystery user decides to comply with their requests, my transaction will be stuck in limbo indefinitely. So it's not their account, but they can freeze the funds, but they have no authority?

Screenshot 2022-11-29 at 2.50.39 PM.png

"It's not your keys it's not your crypto!"

I have a hard time believing MEXC.COM Support because everyone knows that exchanges have the power to intercept funds in users' accounts since they own the keys to the exchange.

So basically what MEXC is trying to say is that on their exchange it's not their key it's your crypto, and they have no control. I wouldn't believe that because the fine print in the user agreement says MEXC does has the right to take funds out of accounts under all sorts of circumstances.
Screenshot 2022-11-29 at 2.50.30 PM.png

Also MEXC.COM kept telling me to call the police, WHY?

I think they were just trying to harvest more data from me. 😲😲 Eventually I did go down to my police station to file a report, however, I couldn't "furnish" MEXC with a police report since the police here said they are unable to file because no official crime was committed, only an incorrect "memo" was created by me, meaning this is only a civil case, not a criminal one.

Screenshot 2022-11-29 at 2.51.01 PM.png

In conclusion after dealing with what seemed to be ten different MEXC.com support representatives, I would not recommend them as a safe exchange. They have very poor communication skills, do not know the law, and will not help you get your money back if you mess up on the memo. This is the last message I received from them today after inquiring one final time about the status of my case.

Screenshot 2022-11-29 at 3.09.01 PM.png

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Bro just forget that money, I think that's the way to come out of this trouble!

$WINE

Yup, there's nothing I can do, that was the last time I will contact them about it. I just thought it would be helpful to share my experience there so others don't make the same mistake.

$WINE


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Congratulations, @theguruasia You Successfully Shared 0.100 WINEX With @coininstant.
You Earned 0.100 WINEX As Curation Reward.
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interesting and important information, thank you very much for sharing

Oh my. I did a similar memo mistake once before when transferring some DOGE to HIVE. thankfully simpleswap was able to find it and re-send to me. I guess these guy are NOT cool like that. :(

Yeah, I am totally used to using memos here to transfer from steemit and blurt, do hundreds of transfers a year or more, and never usually have a problem. I'm not sure how I messed it up, but the odds were in favor of making a mistake that time I guess. I had a messed up memo on Binance back in 2020 and finally got my HIVE this year, some exchanges are honest, and others are not. MEXC should revamp their system to not use memos and use deposit addresses instead, then there would be only one point of failure for deposits, instead of two.

thank you so much for sharing the information, have a nice day