A crypto trader, White Whale, has escalated his multimillion-dollar social media campaign against MEXC, raising the bounty to $2.5 million. He stated that the exchanges act like they have all the power, deciding everything without fairness, like a judge, jury, and executioner.
On X, he stated that the fact that many exchanges are located in distant countries makes it nearly impossible for users to pursue legal action against them. This imbalance allows them to act unchecked, resembling bullies. The trader also stated that he is adding $250,000 to the community reward pool for people participating in his campaign against MEXC. He shared that another $250,000 will be donated to verified charities with transparent receipts.
MEXC Freezes $3.1M in Trader Funds Without Clear Reason
On August 24, the trader posted on X that the exchange had frozen $3.1 million of traders’ funds in July 2025. MEXC didn’t provide a clear reason for the freeze, despite the trader claiming that he followed all their rules, which included identity checks with video and proof of address.
To fight back, on August 25, 2025, White Whale started a $2 million social media campaign on X to push MEXC to release his funds. The campaign asks people to create a free NFT on the Base network, post on X with the hashtag “#FreeTheWhiteWhale,” and tag MEXC or its chief operating officer.
He also announced that if his money is unfrozen, the first 20,000 people who join the campaign and hold the NFT will equally share a $1 million USDC reward. On August 26, the trader shared that MEXC had reportedly asked him to travel to Malaysia for an in-person meeting to verify his identity and expedite the unlocking of his funds.
However, he refused, calling it risky and unnecessary, especially since crypto-related kidnappings are a concern. An hour after that post, he raised the campaign’s “bounty” to $2.5 million to keep the pressure on MEXC.
The trader shared that MEXC’s rules don’t mention needing an in-person meeting. Earlier in 2025, MEXC had stated that it freezes accounts only for serious reasons like market manipulation or fraudulent trading, not because someone is making profits. The firm claimed that most users get their accounts back after verification.
In an exclusive statement given to The Crypto Times, MEXC said, “Our priority is to ensure that all procedures, including KYC and risk control compliance review, are transparent, standardized, and aligned with global regulations. All user procedures are governed by clear and transparent policies, and any official communication from MEXC will always align with these standards.”
Further, the exchange said that it focuses on keeping users’ money safe, being open, and ensuring fair practices. They have shared more public reports about how they handle rule-breaking, prevent fraud, and improve security.
MEXC Faces Scrutiny as User Reports $2M Tether Freeze
White Whale is not the only one facing issues. In April 2025, another user, Pablo Ruiz, said MEXC froze his $2 million in Tether (USDT) without explanation, citing a “risk control” protocol.
He got automated messages saying his account would be locked until April 2026. Ruiz also shared an email from MEXC saying the review was done, but their support team claimed it was still ongoing, which he called confusing and lacking transparency.
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