NewsBTC
Nov 10, 2025
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Ex-Public Advisor Reveals Structural Rot in Crypto Exchange MEXC

Crypto Trader Withdraws Advisory Offer from MEXC Due to Structural Issues

  • The White Whale, a crypto trader, has withdrawn his advisory offer to the exchange MEXC, citing fundamental issues that jeopardize customer assets.
  • Key concerns include fake proof of reserves, arbitrary fund seizures, lack of due process, and the ability to block users from accessing their records.

Concerns Over Proof of Reserves

  • The White Whale criticized MEXC's proof of reserves as inadequate, suggesting it was all "smoke and mirrors."
  • He emphasized the need for more transparency beyond just publishing wallet addresses.

Allegations of Fund Confiscation

  • MEXC allegedly confiscates user funds under its Risk Control Guidelines, often based on mere suspicion.
  • The White Whale revealed instances where transaction history is wiped post-confiscation, complicating users' efforts to prove innocence.

Crypto