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Crypto trader the White Whale, who had offered to serve as an advisor to crypto exchange MEXC, has retracted his offer. This came as he highlighted a âstructural rotâ within the exchange, which puts customers at risk of losing their coins. Crypto Advisor Exposes âStructural Rotâ Within MEXC In an X post, the White Whale described the fake proof of reserves, arbitrary justifications for seizures, the lack of due process, and the ability to block users from their own records as the structural rot within the crypto exchange. He further remarked that MEXC remains a ârotten appleâ as long as this structural rot exists. Related Reading: Bitcoin And Crypto Market Set To Bounce As Rate Cut Probabilities Touch 98.3% The White Whale revealed that he has withdrawn his offer to advise MEXC, claiming that something âsinisterâ is brewing. The crypto trader initially offered to advise the crypto exchange for free after he recovered his $3 million from it. However, he is no longer offering his services as he believes everything within the exchange is all âsmoke and mirrors.â The crypto trader explained that he had raised concerns about MEXCâs proof of reserves after offering to serve as an advisor to the crypto exchange. He mentioned to the exchange that publishing wallet addresses alone wasnât sufficient as proof of reserves, and that they had to do more to ensure transparency with usersâ funds. The White Whale indicated that MEXC shrugged off this advice, suggesting that what they were doing was better than nothing. However, the crypto trader described the proof of reserves as ânothing.â He added that the exchange continues to push the fake proof-of-reserves narrative, which reminds him of the saying, âIf you have to tell people youâre a lady, you arenât.â On Confiscating Usersâ Funds The White Whale mentioned that he told MEXC to stop confiscating usersâ funds and that if they suspect illegal activity, they should report it to law enforcement. However, he claimed the exchange is still confiscating usersâ funds and that it is getting worse. The crypto trader revealed that a particular user reached out to him with evidence, which he verified. Related Reading: Bitcoin Price Could See A New All-Time High Above $126,000 If It Breaks This Critical Level MEXC allegedly cited its Risk Control Guidelines as the reason for confiscating these funds. The White Whale stated that the crypto exchange still used terms like âsuspected,â meaning it can permanently confiscate funds based on mere suspicion. He further claimed that the exchange could easily prevent the major items on the list through code, but doing so would remove their excuse to seize user funds. Meanwhile, the White Whale noted that MEXC now wipes usersâ transaction history after confiscating their funds. He stated that this happened after he made his account history public to prove his innocence, following the confiscation of $3 million from his account. This move by the crypto exchange now makes it harder for users to prove their innocence. Featured image from Pxfuel, chart from Tradingview.com
Here Are The Bitcoin Whales That Have Been Dumping BTC And Crashing The Price
Bitcoinâs price struggled to regain momentum last week, hovering just above the $100,000 threshold after a turbulent start to November. The entire market sentiment is somewhat fragile following heavy selling pressure from large holders, and on-chain data points to major whale movements that may be adding to the downtrend. High-profile entities, including the Winklevoss Twinsâ Gemini Custody wallets and early Bitcoin miner Owen Gunden, have surfaced as key players in this wave of transactions that could be influencing Bitcoinâs recent price action. Winklevoss Twins Move Millions In BTC From Gemini Custody According to blockchain data, wallets linked to Winklevoss Capital and Gemini Custody have been consistently transferring large amounts of Bitcoin over the past several months in an ongoing deliberate adjustment of their holdings. These movements have occurred in several phases, often involving sizeable transactions that appear timed. The latest transaction stands out, showing 250 BTC, worth approximately $25.45 million at current prices, moved to a Gemini hot wallet just hours ago. Related Reading: New XRP ETF Just Dropped, But Will Anything Be Different This Time? If these transfers correspond to sales, it would mean that the twins have been methodically unloading their Bitcoin positions over time rather than engaging in sudden bulk liquidations. Cumulatively, they have now effectively liquidated over 9,000 BTC, equivalent to around $900 million, since the start of 2025. This has caused their holdings to fall from roughly 24,000 BTC earlier in the year to under 16,000 BTC right now. Bitcoin OG Owen Gunden Moves Final Holdings Toward Exchanges Another major wallet attracting attention belongs to Owen Gunden, an early Bitcoin miner and Genesis creditor. Data from on-chain analytics platform Lookonchain reveals that Gunden recently initiated large transfers totaling 3,549 BTC (around $361.8 million) in a single transaction just eight hours ago. Related Reading: Pundit Highlights Major Move For XRP And RLUSD, Will Price Follow? The move follows earlier transactions this week, including 3,601 BTC ($372.1 million) sent one day prior. Notably, approximately 600 BTC from these transfers, worth over $61 million, have already been deposited on Kraken, signaling possible liquidation. These movements have reduced Gundenâs total holdings from around 11,000 BTC to nearly zero. Such large transfers to exchange-linked wallets often precede sell orders, contributing to short-term selling pressure. The Gunden transfers, alongside similar large movements like those from the Winklevoss twins, are among several whale sell events recorded in November that have added to Bitcoinâs persistent selling pressure. This trend is apparent in the broader institutional market, where US-based Spot Bitcoin ETFs have also seen sustained outflows. Data shows that Friday of last week closed with $558.44 million leaving these funds. The combined effect of these whale movements presents a concerning outlook for Bitcoinâs short-term trend. However, this weekend has been highlighted by another green weekend for Bitcoin. At the time of writing, Bitcoin is trading at $106,270, up by 4.4% in the past 24 hours. This follows a string of green weekends over the past four weeks, which were immediately reversed on the following monday. Featured image from Dall.E, chart from TradingView.com
Here Are The Bitcoin Whales That Have Been Dumping BTC And Crashing The Price
Bitcoinâs price struggled to regain momentum last week, hovering just above the $100,000 threshold after a turbulent start to November. The entire market sentiment is somewhat fragile following heavy selling pressure from large holders, and on-chain data points to major whale movements that may be adding to the downtrend. High-profile entities, including the Winklevoss Twinsâ Gemini Custody wallets and early Bitcoin miner Owen Gunden, have surfaced as key players in this wave of transactions that could be influencing Bitcoinâs recent price action. Winklevoss Twins Move Millions In BTC From Gemini Custody According to blockchain data, wallets linked to Winklevoss Capital and Gemini Custody have been consistently transferring large amounts of Bitcoin over the past several months in an ongoing deliberate adjustment of their holdings. These movements have occurred in several phases, often involving sizeable transactions that appear timed. The latest transaction stands out, showing 250 BTC, worth approximately $25.45 million at current prices, moved to a Gemini hot wallet just hours ago. Related Reading: New XRP ETF Just Dropped, But Will Anything Be Different This Time? If these transfers correspond to sales, it would mean that the twins have been methodically unloading their Bitcoin positions over time rather than engaging in sudden bulk liquidations. Cumulatively, they have now effectively liquidated over 9,000 BTC, equivalent to around $900 million, since the start of 2025. This has caused their holdings to fall from roughly 24,000 BTC earlier in the year to under 16,000 BTC right now. Bitcoin OG Owen Gunden Moves Final Holdings Toward Exchanges Another major wallet attracting attention belongs to Owen Gunden, an early Bitcoin miner and Genesis creditor. Data from on-chain analytics platform Lookonchain reveals that Gunden recently initiated large transfers totaling 3,549 BTC (around $361.8 million) in a single transaction just eight hours ago. Related Reading: Pundit Highlights Major Move For XRP And RLUSD, Will Price Follow? The move follows earlier transactions this week, including 3,601 BTC ($372.1 million) sent one day prior. Notably, approximately 600 BTC from these transfers, worth over $61 million, have already been deposited on Kraken, signaling possible liquidation. These movements have reduced Gundenâs total holdings from around 11,000 BTC to nearly zero. Such large transfers to exchange-linked wallets often precede sell orders, contributing to short-term selling pressure. The Gunden transfers, alongside similar large movements like those from the Winklevoss twins, are among several whale sell events recorded in November that have added to Bitcoinâs persistent selling pressure. This trend is apparent in the broader institutional market, where US-based Spot Bitcoin ETFs have also seen sustained outflows. Data shows that Friday of last week closed with $558.44 million leaving these funds. The combined effect of these whale movements presents a concerning outlook for Bitcoinâs short-term trend. However, this weekend has been highlighted by another green weekend for Bitcoin. At the time of writing, Bitcoin is trading at $106,270, up by 4.4% in the past 24 hours. This follows a string of green weekends over the past four weeks, which were immediately reversed on the following monday. Featured image from Dall.E, chart from TradingView.com