A cryptocurrency trader amplified his multimillion-dollar social media pressure campaign against MEXC, claiming the digital asset exchange requested an in-person meeting to unfreeze the user’s $3 million worth of personal funds.
In July 2025, centralized cryptocurrency exchange (CEX) MEXC allegedly froze $3.1 million of personal funds without any terms of service violations, according to the pseudonymous crypto trader known as the White Whale.
On Sunday, the trader initiated a $2 million social media pressure campaign against the exchange to draw attention to the situation, stating that the exchange had demanded a one-year review period before unfreezing the user’s funds, Cointelegraph reported on Monday.
On Tuesday, the trader announced an increase of the “bounty” against MEXC to $2.5 million, designating an additional $250,000 for participants in his social media campaign, which includes minting a free non-fungible token (NFT) on the Base network, tagging MEXC or its chief operating officer’s X account with the “#FreeTheWhiteWhale” tag.
Another $250,000 will be donated to verified charities, the White Whale noted in a Tuesday X post, stating:
“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 emphasized.
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When starting the initial $2 million social media campaign, the trader alleged his account was issued a 12-month restriction without clear guideline violations. He claimed his account was more profitable than the exchange’s external market makers.
However, account restrictions “are imposed strictly because they triggered our risk control rules, not due to profitability,” a spokesperson for MEXC stated to Cointelegraph, noting the exchange’s 12-month review period applies “exclusively to accounts involved in coordinated violations, high-risk accounts, or compliance-related risks, and does not affect all users subject to risk control measures.”
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MEXC can’t follow their own rulebook: White Whale
The pseudonymous trader decided to raise the funds shortly after alleging that MEXC requested he travel to Malaysia to verify his identity in person to release his funds.
This request deviates from standard practices of cryptocurrency exchanges, which usually ask for 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 stated 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 similarly reported experiencing 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 wrote in a July 13 X post, mentioning that his account was also subjected to a review period of 365 days, set to conclude in April 2026.
The trader shared screenshots of an email stating the risk control process was completed, “yet support insists the review is ongoing, revealing an INTERNAL CONTRADICTION and a complete lack of transparency,” he remarked.
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