Crypto trader launches $2M campaign after MEXC freezes $3M: Report
A pseudonymous cryptocurrency trader known as the White Whale has launched a $2 million social media pressure campaign after claiming that centralized exchange MEXC froze $3.1 million of his personal funds in July 2025 without any clear terms-of-service violation.
In a post on X, the trader said MEXC had requested a one-year review period before unfreezing the funds and called out the lack of communication: “What kind of review takes 12 months - without a single update, document, or charge?” He also announced a public bounty, writing, “I’m putting a $2M bounty up for grabs (half can be claimed by YOU).”
The campaign asks supporters to mint a free non-fungible token (NFT) on the Base network, tag MEXC or the exchange’s chief operating officer on X with the hashtag #FreeTheWhiteWhale, and change their profile pictures to the campaign image. If MEXC releases the frozen funds, $1 million of the bounty will be equally divided among the first 20,000 NFT holders (about $50 USDC per holder). The remaining $1 million will be donated to verified charities, with the trader promising to publish on-chain receipts for the contributions.
The White Whale said he had completed MEXC’s Know Your Customer (KYC) verification process. Cointelegraph was unable to independently verify the frozen account and has reached out to MEXC for comment.
The trader alleges the freeze was retaliation for consistently outperforming the exchange’s external market makers, writing, “My only conceivable offense? I was too profitable,” and claiming he had repeatedly beaten the firms the exchange uses as counterparties.
Market makers are often misunderstood participants in crypto markets; they provide liquidity by placing consistent buy and sell orders. Research cited in the report from Acheron Trading suggested that a large share of new token launches between April and June 2024—78.5%—were conducted in ways that harmed fair price discovery, and that 69.9% of primary token listings were described as “parasitic,” exploiting premarket conditions.
The White Whale said other traders have experienced similar account freezes, arguing that highly successful participants are being “punished for winning.” The case highlights ongoing tensions between active traders and centralized exchanges over account restrictions, market-making relationships, and transparency around freezes and reviews.
