Recently, renowned international crypto exchange WhiteBIT issued a public statement condemning German lawyer Martin Wehrmann for spreading misleading information through legal platforms and attempting to extort multiple exchanges, including WhiteBIT.
WhiteBIT has recently observed that Martin Wehrmann published an article on the German legal consultation website Anwalt.de titled “Is WhiteBIT Used for Scams? Can Funds Be Recovered After Scams?” Ostensibly, the article aims to educate users on preventing trading scams, but it repeatedly mentions WhiteBIT by name, insinuating that our platform is involved in scams. Although the article does admit that “WhiteBIT as a service provider is itself trustworthy” (i.e., the scams originate from external criminals rather than the platform itself), its sensationalist title and wording have negatively impacted our reputation, leading some users to mistakenly believe WhiteBIT has security risks.
Even more concerning, we have found that this is not an isolated incident. According to multiple fintech companies, Martin Wehrmann has systematically abused platforms like Anwalt.de to discredit businesses. His methods are consistent:
Publishing False Legal Warnings: He first posts “legal tip” articles on well-known websites, casting veiled negative aspersions on target companies. As Anwalt.de ranks highly in Google search results, these inaccurate allegations often appear when users search for company information, seriously distorting public perception. Exaggerating Risks to Create Panic: The articles use vague yet alarming language, suggesting difficulties with withdrawals or that user funds could be lost, causing unnecessary suspicion and panic among investors regarding reputable platforms. Secretly Demanding Compensation: More egregiously, Wehrmann then privately contacts the companies he has defamed, offering to delete or modify the posts in exchange for so-called “reputation management” fees. According to several affected European platforms, he demands thousands of euros per month as hush money, threatening to continue publishing negative content otherwise. This behavior amounts to blatant digital-era extortion.
WhiteBIT solemnly declares: we will never compromise with individuals like Martin Wehrmann who use the guise of “legal justice” for extortion, and we call on industry peers to resist together. WhiteBIT is currently gathering evidence and does not rule out taking legal action against Wehrmann. We will also cooperate with regulatory authorities to support a thorough investigation. In fact, several European regulatory and cybercrime agencies have already taken note of the misconduct by Wehrmann and begun investigations.
Meanwhile, we are pleased to see that some public review platforms and social media have taken action against the violations of Wehrmann. For example, Reddit and YouTube have repeatedly removed his misleading comments and videos to maintain a fair and trustworthy public discourse environment. We appreciate the responsibility of these platforms and urge Anwalt.de to improve its content review mechanisms to prevent similar malicious posts from being published. The credibility of legal service platforms should not be exploited for illicit gain.
WhiteBIT will continue to focus on enhancing our products and services while safeguarding user rights. At the same time, we will actively speak out to expose the unlawful acts by Martin Wehrmann. As the chief legal officer of an EU-licensed financial firm stated: “Wehrmann appears to offer legal advice, but in reality, he uses his professional status for digital extortion against companies. We urge all affected firms to unite and never yield to such blackmail.” WhiteBIT firmly believes that justice will prevail, and misdeeds of Wehrmann will ultimately be punished by law.
WhiteBIT Risk Control & Legal Affairs Team