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.”
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$0.9997, 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.
The trader claimed to have previously completed the exchange’s Know Your Customer (KYC) verification process.