A cryptocurrency trader has ramped up his multimillion-dollar social media campaign against MEXC, alleging that the digital asset exchange requested a face-to-face meeting to unfreeze the user’s $3 million in personal funds.
In July 2025, the centralized cryptocurrency exchange (CEX) MEXC reportedly froze $3.1 million in personal funds without any violations of its terms of service, according to the pseudonymous crypto trader, the White Whale.
On Sunday, the trader initiated a $2 million social media campaign aimed at drawing attention to the issue, claiming that the exchange wanted a one-year review period before unfreezing the funds, as reported by Cointelegraph on Monday.
On Tuesday, the trader announced he was increasing the “bounty” against MEXC to $2.5 million, adding $250,000 for users participating in his social media efforts, which include minting a free non-fungible token (NFT) on the Base network and tagging MEXC or its COO’s X account with the “#FreeTheWhiteWhale” hashtag.
Another $250,000 will be donated to verified charities, the White Whale stated in a Tuesday X post, adding:
“I want to make sure these games stop.”
“We need to remind them: The minnows are becoming sharks – and yes, even whales. We’re not your prey anymore,” the trader added.
Related: Solana devs billed $5K for single query via Google Cloud’s BigQuery
When launching the initial $2 million campaign, the trader claimed that his account was subjected to a 12-month restriction without any clear guideline violations. He asserted that his account was more profitable than the exchange’s external market makers.
However, a spokesperson for MEXC informed Cointelegraph that account restrictions are “imposed strictly because they triggered our risk control rules, not due to profitability,” adding that the exchange’s 12-month review period applies only to accounts involved in coordinated violations, high-risk accounts, or compliance-related risks, and does not affect all users subject to risk control measures.
Related: US retirement plans could fuel Bitcoin rally to $200K despite downturn: Finance Redefined
MEXC can’t follow their own rulebook: White Whale
The pseudonymous trader decided to boost the funds shortly after claiming that MEXC requested he travel to Malaysia to verify his identity in person to release his funds.
This deviates from the standard practices of cryptocurrency exchanges, which typically require proof of address or other identity documents submitted online during Know Your Customer (KYC) verification.
“I’m not a dog to come when summoned – not for any amount of money. And I don’t need to,” the trader wrote in the Tuesday X post, adding:
“Because they can’t even follow their own rulebook, which makes no mention of in-person KYC requirements.”
Other crypto investors have also reported experiencing similar account closures.
On April 17, crypto trader Pablo Ruiz had his account frozen due to a “vague risk control protocol, without prior notice, explanation, or any opportunity to cooperate.”
“Since then, nearly 3 months have passed, and my funds — totaling $2,082,614 USDT — remain fully inaccessible,” Ruiz stated in a July 13 X post, adding that his account was also subjected to a 365-day review period, expected to end in April 2026.
The trader shared screenshots of an email indicating that the risk control process was completed, “yet support insists the review is ongoing, revealing an INTERNAL CONTRADICTION and a complete lack of transparency,” he noted.
Magazine: Solana Seeker review: Is the $500 crypto phone worth it?
