The White Whale has withdrawn his supply to function an unpaid advisor to MEXC and cited continued person fund seizures and misleading transparency practices.
Abstract
- White Whale declined MEXC advisory function, citing misleading transparency practices.
- He referred to as the trade’s Proof of Reserves “meaningless” with out legal responsibility audits.
- MEXC seized person funds and erased transaction historical past, sparking public criticism.
The crypto dealer posted a prolonged clarification on X detailing why he not believes the trade is honest about reform.
The withdrawal comes after The White Whale requested a mutual NDA from MEXC behind the scenes. He rejected the trade’s “non-disparagement” clause, telling MEXC he would “at all times reserve the appropriate to name you out publicly if that is all simply smoke and mirrors.”
White Whale calls Proof of Reserves “meaningless”
The primary situation The White Whale raised involved MEXC’s “Proof of Reserves” system. He defined that publishing pockets addresses exhibiting belongings held means nothing with out an independently verified listing of liabilities.
“Each person stability is a legal responsibility to the trade – and publishing solely the belongings with out an independently verified listing of liabilities is 100% meaningless. It’s misleading advertising pretending to be transparency,” he wrote.
I Withdraw My Provide to Advise MEXC – Right here’s Why (One thing Sinister Is Brewing)
After profitable my case towards MEXC – thanks solely to the neighborhood’s relentless help and the highlight you helped shine on their unfair seizure of person funds – I made a public supply:
Should you… pic.twitter.com/OynH4g822Q
— The White Whale (@TheWhiteWhaleV2) November 8, 2025
When he informed MEXC this, their response was: “Nicely, it’s higher than nothing, proper?” The White Whale replied: “No. In reality it’s nothing, by design.”
The second situation includes continued fund confiscation. The White Whale urged MEXC to cease seizing person funds. “Should you suspect criminality, flip it over to regulation enforcement. In any other case, give folks their a reimbursement,” he acknowledged.
Trade wipes person transaction historical past after seizure
A person reached out to The White Whale with proof of a $4,000 fund seizure. MEXC cited Threat Management Tips that embody language like “suspected,” which means they will completely preserve funds based mostly on suspicion alone.
After the confiscation, MEXC wiped the person’s transaction historical past. “They stole the person’s cash. They admitted to it. They provided no particular accusation. They usually erased the proof that would have helped confirmed the person’s innocence,” The White Whale wrote.
He feels partly accountable, suggesting MEXC discovered from his public account historical past throughout his $3 million case. “Their $4,000 means extra to them than my $3 million ever did,” he famous.
