A cryptocurrency trader has initiated a $2 million social media campaign against MEXC, alleging that the digital asset exchange has unjustly frozen over $3 million of his personal funds.
In July 2025, MEXC, a centralized cryptocurrency exchange (CEX), reportedly froze $3.1 million in personal funds without any violation of their terms of service, according to the pseudonymous trader known as the White Whale.
In retaliation, the trader is launching a $2 million social media initiative against MEXC, asserting that the exchange requested a year-long review period before releasing the user’s funds.
“I’m Putting a $2M Bounty Up For Grabs (half can be claimed by YOU),” the White Whale shared in a Sunday X post, further stating:
“What kind of review takes 12 months – without a single update, document, or charge?”
The trader mentioned that many others are facing similar account freezes, indicating that those who succeed in the industry are “punished for winning.”
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In response to his account being suspended, the trader is organizing a social media effort, urging users to mint a free non-fungible token (NFT) on the Base network, tag MEXC or its COO on X with the hashtag “#FreeTheWhiteWhale,” and update their profile pictures to the image provided.
By completing these actions, $1 million of the bounty will be shared equally among the first 20,000 NFT holders, granting each $50 USDC (USDC), contingent on MEXC releasing the frozen funds.
An additional $1 million in USDC will be donated to “verified, carefully vetted charities,” with the trader vowing to provide onchain receipts for the contributions.
The trader asserts he had successfully completed the exchange’s Know Your Customer (KYC) verification process.
Cointelegraph could not independently verify the account freeze. The team has reached out to MEXC for a response regarding the incident.
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‘White Whale’ claims to have outperformed MEXC market makers prior to $3M freeze
The trader contended that his funds were frozen due to his profitability exceeding that of the exchange’s crypto market makers—entities responsible for providing liquidity through consistent buy and sell orders to facilitate smooth trading.
“My only conceivable offense? I was too profitable,” the pseudonymous trader claimed, elaborating:
“I consistently beat their external market makers – the firms they quietly partner with to be the counterparty to trades (this is public record).”
Crypto market makers are often mischaracterized in the digital asset ecosystem, with traders frequently blaming them for price manipulation, despite scant evidence to support these accusations.
Research from Acheron Trading indicated that 78.5% of new crypto launches between April and June 2024 disrupted fair price discovery, negatively impacting both users and the projects themselves.
Furthermore, 69.9% of initial token listings were deemed “Parasitic,” indicating that market makers were manipulating premarket conditions to create artificial scarcity and sentiment surrounding the token.
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