A cryptocurrency trader launched a $2 million social media pressure campaign against MEXC, claiming that the digital asset exchange had frozen more than $3 million worth of his personal funds for no clear reason.
In July 2025, centralized cryptocurrency exchange (CEX) MEXC allegedly froze $3.1 million worth of personal funds without any terms of service violations, according to pseudonymous crypto trader the White Whale.
In response, the trader is launching a $2 million social media pressure campaign against MEXC, claiming that the exchange had requested a one-year review period before unfreezing the user’s funds.
“I’m Putting a $2M Bounty Up For Grabs (half can be claimed by YOU),” wrote the White Whale in a Sunday X post, adding:
“What kind of review takes 12 months – without a single update, document, or charge?”
Numerous other traders are affected by similar account freezes, the trader said, adding that the industry’s most successful participants are “punished for winning.”
Source: the White Whale
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In response to his account suspension, the trader launched a social media campaign, requesting that users mint a free non-fungible token (NFT) on the Base network, tag MEXC or its chief operating officer’s X account with the “#FreeTheWhiteWhale” tag, and change their profile pictures to the above image.
For completing these tasks, $1 million of the bounty will be equally divided among the first 20,000 NFT holders, awarding each holder $50 USDC (USDC), provided that MEXC releases the frozen funds.
Another $1 million worth of USDC will be allocated to “verified, carefully vetted charities,” with the trader promising onchain receipts after the donations.
Source: The White Whale
The trader claimed to have previously completed the exchange’s Know Your Customer (KYC) verification process.
Cointelegraph was unable to verify the frozen account independently. Cointelegraph has approached MEXC for comment on the matter.
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‘White whale’ claims to surpass MEXC market makers before $3M freeze
The trader claimed that his funds were frozen due to being more profitable than the exchange’s crypto market makers, firms or individuals who provide liquidity by placing consistent buy and sell orders to ensure 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 among the most misunderstood participants of the digital asset market, often blamed by traders for deliberately manipulating cryptocurrency prices, despite a lack of evidence.
Still, research from Acheron Trading suggested that 78.5% of new crypto launches between April and June 2024 were conducted in a manner that disrupted fair price discovery, detrimentally affecting both end-users and the projects themselves.
Breakdown of premarket listing approaches. Source: Acheron Trading
Moreover, 69.9% of primary token listings were “Parasitic,” meaning that market makers were exploiting premarket conditions by creating artificial scarcity and sentiment around the token.
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