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.
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?
"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.
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.
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.
