Update Aug. 25, 1:25 p.m. UTC: This article has been updated to include a response from a MEXC spokesperson.
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.
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