Back

White Whale Withdraws Unpaid Advisory Offer to MEXC Amid Concerns

The crypto trader cites ongoing user fund seizures and alleged deceptive transparency practices as reasons for ending cooperation with the exchange.

Summary

The White Whale, a prominent crypto trader, retracted his offer to serve as an advisor to MEXC, citing concerns over fake proof of reserves, arbitrary fund seizures, and lack of transparency. He criticized MEXC's practices, including blocking users from their transaction history, and warned that these actions jeopardize customer funds.

Terms & Concepts
  • User fund seizures: The act of a cryptocurrency exchange restricting or confiscating customer funds, often due to policy enforcement or disputes.
  • Transparency practices: Measures and disclosures by a company regarding operations, intended to provide clarity to stakeholders.
  • Proof of reserves: A mechanism used by cryptocurrency exchanges to prove they hold sufficient funds to cover customer deposits, typically through verifiable wallet addresses or audits.