A cryptocurrency investor is escalating his extensive social media campaign against MEXC. This action follows the exchange’s alleged request for an in-person meeting as a condition to release the user’s holdings, valued at $3 million.
The crypto trader, known online as the White Whale, claims that the centralized exchange MEXC, in July 2025, froze his $3.1 million worth of assets. He asserts this occurred without any violation of the exchange’s terms of service.
According to reports, the trader initiated a $2 million social media campaign last Sunday to draw greater attention to the situation. This was prompted by MEXC allegedly requiring a year-long review period before the funds could be accessed again.
On Tuesday, the trader announced an increase to the “bounty” targeting MEXC, raising it to $2.5 million. He is allocating an additional $250,000 for individuals actively participating in his social media push. This involves creating a free non-fungible token (NFT) on the Base network and tagging MEXC or its COO’s account on X, using the hashtag “#FreeTheWhiteWhale”.
Another $250,000 will be donated to vetted charitable organizations, the White Whale stated in a Tuesday X post. He further emphasized:
“I want to ensure these tactics cease.”
“We need to send a clear message: small players are becoming powerful, even whales. We are no longer easy targets,” the trader added.
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When initiating the initial $2 million social media push, the trader asserted that his account was restricted for twelve months without any apparent breach of guidelines. He further suggested that his account generated more profit than the exchange’s external market makers.
However, a MEXC spokesperson told Cointelegraph that account limitations “are enforced solely due to triggering our risk management protocols, irrespective of profitability.” They clarified that the 12-month review period is “reserved for accounts associated with coordinated violations, high-risk activities, or compliance requirements, and does not apply universally to all users subject to risk controls.”
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White Whale Alleges MEXC Fails to Adhere to Its Own Policies
The pseudonymous trader decided to increase the financial incentive after claiming that MEXC requested that he travel to Malaysia for an in-person identity verification to have his assets unlocked.
This diverges from standard practices among cryptocurrency exchanges, which typically request online submission of proof of address or other identification documents during Know Your Customer (KYC) procedures.
“I won’t be summoned like a pet, not for any sum. I don’t need to,” the trader posted on X on Tuesday, adding:
“Because they are failing to follow their own stated rules, which contain no mention of mandatory in-person KYC verification.”
Other cryptocurrency investors have also reported similar account closures.
On April 17th, crypto trader Pablo Ruiz experienced the freezing of his account due to an unspecified “risk control protocol,” without advance warning, justification, or opportunity for resolution.
“Since that time, nearly three months have passed, and my funds, totaling $2,082,614 USDT, remain completely inaccessible,” Ruiz wrote in an X post on July 13th. He added that his account is also subjected to a 365-day review period, slated to conclude in April 2026.
The trader shared screenshots of an email confirming the risk control process as complete. “However, support insists the review continues, highlighting an internal conflict and a distinct lack of transparency,” he stated.
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