Rumors about MEXC and The Truth About the MiniDOGE Withdrawal Issue

There are always all kinds of stories and inside info in the cryptocurrency circle in a bear market. When things are bad, a little bit of negativity will often make people panic. Today the MEXC community has spread a lot of news, such as illegal acts, investigations, and moving large transactions. But looking back, many of them use just some particular events to spread groundless allegations for personal gain.

First of all, many people suspected that something was happening on the platform because MINIDOGE could not be withdrawn, but with a query, one can find that there is a reason why the MINIDOGE problem was happening. As for the rumors about the platform’s issues, the actual culprit might be another project, BabyDoge.

First, the conclusion: As the MiniDOGE project set a 100% token deduction for the MEXC withdrawal address, MINIDOGE cannot be withdrawn from MEXC, which is equivalent to burning the transfer. This information can be found using any web browser.

Data on the Blockchain:

1. MEXC’s MINIDOGE withdrawal address: https://bscscan.com/token/0xba07eed3d09055d60caef2bdfca1c05792f2dfad?a=0x4982085c9e2f89f2ecb8131eca71afad896e89cb

2. Transfers from MEXC to a normal address, but all tokens are deducted directly from MINIDOGE when the contract is executed, resulting in delayed delivery: https://bscscan.com/tx/0x8d716a1fa37cb0fd3845632669fa8cbef1da6f751a6889931c7c23af4272d233

In the MINIDOGE contract, the MEXC aggregation address is set to AddressFees and all transferred crypto will be deducted

https://bscscan.com/token/0xba07eed3d09055d60caef2bdfca1c05792f2dfad?a=0x4982085c9e2f89f2ecb8131eca71afad896e89cb#readContract

The MINIDOGE contract sets a special rate exclusively for the MEXC address where TaxFee 50%, LiquidityFee 50%, 100% for a direct deduction, and the withdrawal is burned.

https://bscscan.com/tx/0xb3c3e847c5291065cb2bd4c666d13dbaaac05a4833b4e2ce77316fd5e137ace3

MiniDOGE is like this, but the main point is what BabyDoge did to use this issue to fabricate a false story about MEXC and scare everyone. Everyone can understand, whether it is Huobi, Binance, or MEXC, we are bound to come across false allegations from time to time. This time, however, is different. First, looking up the data on the blockchain chain requires a little bit of foundational knowledge. Second, not many people will think about it like this. Third, panicking during the MINIDOGE withdrawal issue where funds do not arrive at the account is unavoidable.

Prices, according to the published content, the probability of large holders dumping is greater. Nearly one-third of the total MEXC supply is sold, the price will inevitably fall off (there is relevant evidence below). With the price dropping, the withdrawal problems, and validation failures, these several issues appeared one after another, along with people with ulterior motives trying to string the community along. If the facts were not laid out, many people would think that MEXC was the problem.

Two large holders hold about 5,526,947,180,829 MINIDOGE in total, most of which have been sold, accounting for nearly a third of the total MEXC supply (15,931,225,212,437).

Published Links for Large Sales Queries:

Cumulative deposits of Account A: 2,189,296,399,050.24 MINIDOGE is now mostly sold.

A account’s deposit address: 0x888b31d585a083b213073aba291064a7f72c0bab

Query Link: https://bscscan.com/token/0xba07eed3d09055d60caef2bdfca1c05792f2dfad?a=0x888b31d585a083b213073aba291064a7f72c0bab

Cumulative deposits of Account B: 3,337,650,781,779.45 MINIDOGE is now mostly sold.

B account’s deposit address：0x0a662f9664c08ab9c325981387bca7aeb539069e

Query Link: https://bscscan.com/token/0xba07eed3d09055d60caef2bdfca1c05792f2dfad?a=0x0a662f9664c08ab9c325981387bca7aeb539069e

Beyond the MiniDOGE issue itself, BabyDoge’s behavior is more outrageous, and their purpose is clear. Either they were shorting MEXC or shorting BabyDoge to get low-priced tokens. What benefits will they obtain if BabyDoge is unlisted? The most direct benefit is that the trading channels are reduced, so users can only go to DEX to buy it. At the same time, with the returns from holding cryptocurrency, there is no other explanation besides getting more tokens.

Although the MiniDOGE and BabyDoge issues are apparent, the withdrawal issue still needs a conclusion. According to MEXC’s announcement, it will be handled fairly. There are two main types of compensation. Users holding MINIDOGE can convert assets to USDT, while those who withdrew but did not receive tokens will also receive USDT according to the number of burned assets.