A cryptocurrency trader has initiated a $2 million social media campaign targeting MEXC after the exchange allegedly froze his funds worth over $3 million without clear justification.
In July 2025, the centralized crypto exchange MEXC reportedly locked $3.1 million of the trader known as the White Whale’s personal assets, despite there being no breach of the platform’s terms of service.
The trader responded by launching a significant social media pressure campaign, demanding the immediate release of his frozen assets. He claims MEXC has set a one-year review period before the funds can be unfrozen, which he criticizes for its length and lack of communication.
The White Whale publicly offered a $2 million bounty to incentivize the community to support his cause, dedicating half of this amount for participants. He questioned the rationale behind a review taking 12 months without any updates or charges.
According to the White Whale, several other traders have faced similar account freezes. He suggests that highly successful traders are being sidelined or punished by the exchange for their profitability.
As part of the campaign, followers are encouraged to mint a free NFT on the Base network, tag MEXC or its COO on social media with #FreeTheWhiteWhale, and update their profile pictures with the campaign image. Early participants will share $1 million divided among the first 20,000 NFT holders, each receiving $50 USDC, contingent on the release of the frozen funds.
Additionally, another $1 million in USDC is earmarked for verified charities, with the trader committing to transparent, on-chain proof of donations.
The trader affirmed he completed the exchange’s Know Your Customer (KYC) process earlier.
MEXC responded, stating that restrictions and freezes result strictly from triggering risk control policies, not due to users’ profitability. The exchange highlighted enhanced risk control measures and said users affected by potential risks must undergo additional advanced KYC verification.
The lengthy 12-month review applies only to accounts with complications involving coordinated violations, high risk, or compliance concerns, not to all users with risk controls.
Market Makers and the Profitability Dispute
The trader alleges his account freeze is linked to outperforming MEXC’s external crypto market makers—entities responsible for maintaining liquidity via consistent buy and sell orders. He claims his success in beating these market makers led to being sidelined.
Market makers play a crucial but often misunderstood role in digital asset markets, with some traders accusing them of price manipulation despite scant evidence.
Research by Acheron Trading revealed that about 78.5% of new crypto listings between April and June 2024 disrupted fair price discovery, negatively impacting investors and projects alike. Furthermore, nearly 70% of these listings exhibited “Parasitic” tactics, with market makers creating artificial scarcity and hype.
This ongoing dispute sheds light on challenges traders face with centralized exchanges and the role of market makers in the evolving crypto landscape.
