A post by @WuBlockchain on X.

Onchain investigator ZachXBT publicly challenged FinCEN’s claim that MEXC processed $16 billion in illicit funds, arguing that comparable hundreds of millions to billions in suspicious flows could likely be identified at other major exchanges as well. The critique centers on whether the $16 billion figure is disproportionately attributed to MEXC relative to industry-wide norms, and raises broader concerns about regulatory overreach in enforcement actions. The dispute matters because FinCEN’s allegation, if sustained, would rank among the largest illicit-finance findings against a single crypto exchange and could shape how US regulators pursue peers. ZachXBT’s pushback also highlights the growing role of independent onchain analysts in contesting official narratives before penalties are finalized. What to watch next is whether FinCEN responds with a detailed methodology for the $16 billion figure and whether other exchanges face comparable scrutiny.