- A cryptocurrency trader alleges that MEXC froze $3.1 million in personal funds in July 2025 without citing a terms of service violation.
- The trader, known as “the White Whale,” has started a $2 million social media campaign to pressure MEXC for fund release.
- The campaign offers up to $1 million to community members who join the effort and $1 million to verified charities, if the funds are released.
- The trader claims the freeze followed significant profits that exceeded those of MEXC‘s market makers.
- Other users have reported similar account freezes, while MEXC has not publicly commented on this case.
A pseudonymous cryptocurrency trader claims that MEXC, a centralized digital asset exchange, froze $3.1 million in personal funds in July 2025. The trader, known online as “the White Whale,” states there was no violation of MEXC‘s terms of service linked to the account freeze.
In response, the trader has launched a $2 million social media campaign, urging users to mint a free non-fungible token (NFT) on the Base Network, tag MEXC or its chief operating officer on social media with the “#FreeTheWhiteWhale” tag, and change their profile picture to a provided image. The campaign promises to distribute $1 million in USD Coin (USDC) among the first 20,000 NFT holders—$50 per participant—if the exchange releases the frozen funds. Another $1 million will be donated to vetted charities, with donation receipts shared on the blockchain.
“What kind of review takes 12 months – without a single update, document, or charge?” the trader asked in a public post, claiming that MEXC requested a one-year review before considering unfreezing the account. The trader said he completed all Know Your Customer (KYC) requirements at the exchange.
The White Whale alleges that the freeze happened because his trading activity outperformed market makers associated with MEXC, who provide liquidity by placing regular buy and sell orders. “My only conceivable offense? I was too profitable,” the trader stated, adding that MEXC‘s market makers sometimes act as counterparties for user trades.
Reports from research firm Acheron Trading indicated that in the spring of 2024, nearly 78.5% of new crypto launches disrupted fair price discovery, with 69.9% of primary listings described as “parasitic,” meaning some market makers took advantage of premarket conditions.
Several other users have reported similar account freezes at MEXC. Cointelegraph could not independently verify the details of the frozen account and has reached out to MEXC for further comment.
For more details, see the trader’s public statement on X.
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