Trader The White Whale accused crypto exchange MEXC of unfair trading. According to him, during the launch of perpetual futures on the White Whale token, the platform formed and executed orders itself for several hours, effectively trading against its own users without explicit warning.
BeInCrypto's editorial team investigated the conflict. Here's what's happening.
How the events unfolded
At the end of 2025, Bybit announced preparations for launching trading of the White Whale token. The post author wrote that his market-making company is responsible for all the token's liquidity on centralized exchanges.
At the beginning of January, holders of White Whale suddenly received a message in the Telegram chat: MEXC had already launched perpetual futures on this asset. Meanwhile, the market on MEXC started operating earlier than on Bybit.
According to The White Whale, a third-party market maker could not start trading on another platform without involvement from the project. However, MEXC did not send any requests regarding liquidity integration.
The blogger decided to investigate the situation technically. He made a request to MEXC's public API. The server response showed that the White Whale pair was missing from the API instrument list. To confirm, he published a PDF of the response.
The author wrote that independent market makers connect to the markets via API. If the instrument is not added to the public API, external trading companies physically cannot place automated orders there.
Based on this, he concluded: for the first few hours after the launch of perpetual futures on White Whale, the market on MEXC was served solely by the exchange itself. According to his data, this mode lasted 5 hours and 22 minutes until the platform added the instrument to the public API.
What is White Whale
White Whale is a meme coin on the Solana blockchain. The project emerged as a response to the peculiarities of the cryptocurrency market.
The token's idea is built around a simple image. The crypto market resembles a deep ocean, and it's difficult for an ordinary person to navigate. Large market participants gain an advantage because they understand human behavior, liquidity, and fear well. They know how to create panic and profit from liquidations.
White Whale exists neither as a savior nor as a promise of easy money. It is a symbol and a kind of response to a system that many consider unfair to beginners.
According to public posts, the trader The White Whale was not the original creator of the meme coin. The token existed before. However, the blogger became a prominent supporter of the project and played a key role in its further promotion and community growth.
A complicated history between MEXC and The White Whale
The blogger and the exchange have a strained history. In August 2025, The White Whale publicly stated that MEXC froze his funds without clear explanations and demanded a personal document verification in Malaysia. Later, in late October 2025, reports surfaced online about the return of approximately $3 million to him.
Even after the refund, trust between the parties was not restored. The author continued to criticize the platform for lack of transparency.
We remind you that earlier, the BeInCrypto editorial team published an interview with the trader, in which he explained the essence of the claims against the exchange.
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