A cryptocurrency trader initiated a $2 million social media pressure campaign against MEXC, alleging that the digital asset exchange froze over $3 million of his personal funds without justification.
In July 2025, the centralized exchange (CEX) MEXC reportedly froze $3.1 million worth of personal funds, with no violations of terms of service, according to the pseudonymous trader known as the White Whale.
In retaliation, the trader is spearheading a $2 million social media pressure campaign against MEXC, claiming the exchange has mandated a one-year review period before the user’s funds can be unfrozen.
“I’m Putting a $2M Bounty Up For Grabs (you can claim half),” stated the White Whale in a Sunday X post, adding:
“What kind of review takes 12 months – without a single update, document, or charge?”
Many other traders are similarly affected by account freezes, according to the trader, who noted that the industry’s top performers are “punished for winning.”
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In response to his account suspension, the trader started a social media campaign urging users to mint a free non-fungible token (NFT) on the Base network, tag MEXC or the COO’s X account with the “#FreeTheWhiteWhale” hashtag, and update their profile pictures to the provided image.
$1 million of the bounty will be shared equally among the first 20,000 NFT holders, each receiving $50 USDC (USDC), contingent on MEXC releasing the frozen funds.
Another $1 million in USDC will be given to “verified, carefully vetted charities,” with the trader promising on-chain receipts following the donations.
The trader asserted he has already completed the exchange’s Know Your Customer (KYC) verification process.
Cointelegraph could not independently verify the frozen account. The outlet has reached out to MEXC for comment on the issue.
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“White whale” claims to outperform MEXC market makers before $3 million freeze
The trader alleged that his funds were frozen because he was more profitable than the exchange’s crypto market makers, who provide liquidity by placing continuous buy and sell orders to facilitate smooth trading.
“My only conceivable offense? I was too profitable,” wrote the pseudonymous trader, adding:
“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 misunderstood in the digital asset market, with traders blaming them for price manipulation, despite a scarcity of evidence.
Research from Acheron Trading indicated that 78.5% of new crypto launches between April and June 2024 disrupted fair price discovery, adversely impacting end-users and the projects themselves.
Moreover, 69.9% of primary token listings were categorized as “Parasitic,” indicating that market makers exploited premarket conditions by creating artificial scarcity and sentiment around the token.
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