A cryptocurrency trader has escalated his multimillion-dollar social media campaign against MEXC, alleging that the digital asset exchange requested an in-person meeting to access the user’s $3 million worth of frozen personal funds.
In July 2025, MEXC reportedly froze $3.1 million of personal funds without any violation of terms of service, claims made by the pseudonymous trader known as the White Whale.
On Sunday, the trader initiated a $2 million social media pressure campaign directed at the exchange, seeking to draw attention to the situation. This followed MEXC’s alleged request for a one-year review period before releasing the user’s funds, as reported by Cointelegraph on Monday.
On Tuesday, the trader raised the “bounty” against MEXC to $2.5 million, with an additional $250,000 earmarked for users joining his social media effort, which includes minting a free non-fungible token (NFT) on the Base network and tagging MEXC or its COO’s X account with the “#FreeTheWhiteWhale” hashtag.
Source: The White Whale
Additionally, another $250,000 will be donated to verified charities, the White Whale noted in a Tuesday X post, stating:
“I want to ensure these practices cease.”
“We must remind them: The minnows are turning into sharks – and yes, even whales. We are no longer their prey,” the trader emphasized.
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When launching the initial $2 million social media effort, the trader claimed his account received a 12-month restriction without clear guideline violations. He stated that his account was more profitable than the exchange’s external market makers.
However, MEXC representatives countered that account restrictions “are implemented strictly due to triggering our risk control rules, not based on profitability,” explaining that the 12-month review period is exclusive to accounts involved in coordinated violations, high-risk accounts, or compliance issues, and does not affect all users under risk control measures.
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MEXC can’t adhere to their own guidelines: White Whale
The pseudonymous trader opted to increase the funds after alleging that MEXC demanded he travel to Malaysia to verify his identity in person to release his funds.
This request departs from standard procedures among cryptocurrency exchanges, which generally require proof of address and identity documentation to be submitted online during Know Your Customer (KYC) processes.
Source: The White Whale
“I’m not obligated to comply with summons – not for any sum of money. And I don’t need to,” the trader articulated in a Tuesday X post, adding:
“They can’t even adhere to their own guidelines, which do not specify any in-person KYC demands.”
Other cryptocurrency investors have reported facing similar account closures.
On April 17, trader Pablo Ruiz found his account frozen due to a “vague risk control protocol, with no prior notice, explanation, or opportunity for collaboration.”
“Almost 3 months have passed since then, and my funds — totaling $2,082,614 USDT — remain entirely inaccessible,” Ruiz stated in a July 13 X post, noting that his account is also subject to a 365-day review period, set to conclude in April 2026.
Source: Pablo Ruiz
The trader shared screenshots of an email confirming the completion of the risk control process, “yet support insists the review is still ongoing, highlighting an INTERNAL CONTRADICTION and a total lack of transparency,” he remarked.
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