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The recent developments in the 3 million USDT freezing incident at the Matcha Exchange have emerged.
The incident originated in July this year when English KOL @TheWhiteWhaleV2 reported that his account was frozen by Matcha, with funds amounting to 3 million USDT. He publicly questioned how he had made a profit of 5 million dollars through trading in three months, yet the exchange could not "afford" it, ultimately unilaterally freezing his account.
Since then, he has been persistently defending his rights since August.
Recently, the well-known figure "Sister Jiao" @cecilia_hsueh (the former CEO who sparked discussions on @MorphLayer for posting foot photos) has intervened in handling this matter after joining Matcha.
After communicating with the parties involved last week, she responded that the freezing reason was that the system detected the user had "placed two orders within one second" in April, which was judged by risk control as suspected of wash trading, and no further details about risk control were disclosed.
The person involved refuted that the so-called "two orders in one second" was caused by network fluctuations, stating that he was trading manually the entire time and that his account did not have API trading permissions, making it impossible to perform wash trading operations.
What sparked further controversy was that Sister Jiao hinted during the communication that as long as the person involved was willing to "publicly admit the mistake," the funds might be unfrozen.
She also publicly stated: "MEXC is still ready to use this 3 million dollars for community building at any time," seemingly intending to turn the frozen funds into community incentives, which caused an uproar in public opinion.
Additionally, other users revealed that Matcha informed them that the "risk control analysis process could take up to 365 days," further exacerbating users' doubts about the platform's processing efficiency.
It is rumored that behind Matcha is the former Philippine gambling giant "Phoenix Group." This perfectly explains its risk control logic: retail investors winning small amounts is inconsequential, but if large investors earn too much, they will be banned for various reasons. This is merely a rehash of the gambling tactic "if you win too much, don't expect to leave," applied in the cryptocurrency space.
The incident originated in July this year when English KOL @TheWhiteWhaleV2 reported that his account was frozen by Matcha, with funds amounting to 3 million USDT. He publicly questioned how he had made a profit of 5 million dollars through trading in three months, yet the exchange could not "afford" it, ultimately unilaterally freezing his account.
Since then, he has been persistently defending his rights since August.
Recently, the well-known figure "Sister Jiao" @cecilia_hsueh (the former CEO who sparked discussions on @MorphLayer for posting foot photos) has intervened in handling this matter after joining Matcha.
After communicating with the parties involved last week, she responded that the freezing reason was that the system detected the user had "placed two orders within one second" in April, which was judged by risk control as suspected of wash trading, and no further details about risk control were disclosed.
The person involved refuted that the so-called "two orders in one second" was caused by network fluctuations, stating that he was trading manually the entire time and that his account did not have API trading permissions, making it impossible to perform wash trading operations.
What sparked further controversy was that Sister Jiao hinted during the communication that as long as the person involved was willing to "publicly admit the mistake," the funds might be unfrozen.
She also publicly stated: "MEXC is still ready to use this 3 million dollars for community building at any time," seemingly intending to turn the frozen funds into community incentives, which caused an uproar in public opinion.
Additionally, other users revealed that Matcha informed them that the "risk control analysis process could take up to 365 days," further exacerbating users' doubts about the platform's processing efficiency.
It is rumored that behind Matcha is the former Philippine gambling giant "Phoenix Group." This perfectly explains its risk control logic: retail investors winning small amounts is inconsequential, but if large investors earn too much, they will be banned for various reasons. This is merely a rehash of the gambling tactic "if you win too much, don't expect to leave," applied in the cryptocurrency space.
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