Unfortunately, I had to leave Dubai for Europe a week ago — so I’m not only missing the free fireworks from Iran, but also exposing myself to greater risk. Given Europe’s crime rates, Dubai is statistically safer even with missiles flying. Can’t wait to be back.
🚨 Warning - @MEXC_Official Caught "Red-Handed" Running Internal Order Desk 🚨
Imagine this: I’m at the command post, monitoring our live launch on @Bybit_Official (which is a pretty big deal). We’re tracking order flow, adjusting on-chain liquidity in real time, and coordinating with our team handling CEX-side liquidity when - boom!
Someone drops a message in our token holders TG:
“MEXC just listed us on perps!”
Of course they did. They saw the Bybit announcement and countdown to go-live and rushed out a futures product. Ambulance-chasing, but for bucket-shop CEX perps.
A couple things immediately stood out. Our MM team is handling all CEX-side liquidity. If another market maker was hedging - as market makers do - they’d have to come through us. And yet MEXC somehow went live before Bybit.
That got the gears turning.
If they weren’t routing through us, chances are they weren’t routing through anyone. On a hunch, I pulled their API and made a call. They’ll probably patch this after the post, but for now it conveniently returns server time (denominated in CST…for reasons known only to them).
Sure enough: $WhiteWhale didn’t exist on any available API endpoint.
I’ve attached a PDF showing the raw server response:
https://t.co/2ZGfFf6bH0
If the pair wasn’t even supported by their own API, it is actually impossible for an external market maker to be operating that order book. MM's don't log in and place orders on the web site.
Which leaves only one option.
They were running the order book internally - trading against their own users.
A CEX running its own internal trading desk is a conflict-of-interest factory: the venue that sees everyone’s flow, risk, and liquidation levels is also the same entity incentivized to trade against that flow, lean on prices, or “manage” volatility in ways that conveniently benefit its own book. That’s why FTX became the cautionary tale - when an exchange and a closely tied trading arm blur lines, you get structurally unfair markets and a tempting path toward misuse of customer assets and preferential treatment.
Legally, it raises serious issues around market manipulation, fraud/misrepresentation, breach of fiduciary-like duties (even if they deny having them), inadequate disclosures, and compliance failures around best execution, fair dealing, and segregation of customer funds - plus the obvious enforcement magnet: if users weren’t clearly told the exchange could be effectively the house, regulators and plaintiffs will argue the market was rigged from the start.
I continued to refresh until they finally did add it to their API. The time they were 100% trading against their own users? 5 hours, 22 minutes.
A market cannot be fair when the referee is also placing bets. That's pure extraction. Ironically, the very thing $WhiteWhale stands against.
🫡 From the depths —
The White Whale 🐋
Telegram founder Pavel Durov says he will cover IVF costs for women under 37 who want to use his donated sperm, and has promised his offspring a share of his fortune.
🔗: https://t.co/ojaizr7wPz
Barron Trump, now 19, admired Andrew Tate and spoke with him over Zoom last year, according to mutual friend Justin Waller, who said their conversation included claims that Romanian prosecutors’ sex trafficking charges against Tate and his brother were an attempt to silence them.
Follow: @AFpost
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The European Commission’s $140 million fine isn’t just an attack on @X, it’s an attack on all American tech platforms and the American people by foreign governments.
The days of censoring Americans online are over.