A crypto trader has launched a $2 million social media campaign against centralized exchange MEXC, following claims that the platform froze over $3 million in personal funds without explanation. The trader, known pseudonymously as the White Whale, stated the freeze occurred in July 2025 and involved no violations of MEXC’s terms of service.
According to the trader, MEXC requested a one-year review period with no updates, documents, or charges provided since the incident.
Trader Accuses Exchange of Freezing Profits
According to details shared on social platform X, the trader alleged that MEXC froze approximately $3.1 million after he reportedly outperformed the exchange’s external market makers. He claimed to have consistently generated higher returns than these firms, which are responsible for providing liquidity by maintaining active buy and sell orders. These market makers are often key players in ensuring smooth trading operations on centralized platforms.
The White Whale stated that his only potential wrongdoing was being “too profitable,” suggesting that the profitability gap between himself and the partnered firms might have triggered the freeze. He also added that he had already completed MEXC’s Know Your Customer (KYC) verification prior to the account lock. Meanwhile, it was unable to verify the account in question independently and has reached out to MEXC for comment.
Social Media Campaign Incentivizes User Action
In response to the ongoing lock, the White Whale has mobilized a digital protest involving a wide-scale user campaign. He pledged $2 million in USDC as a bounty, offering half to participants and half to selected charities. The campaign encourages users to mint a free NFT on the Base network, tag MEXC or its chief operating officer on X, and update their profile pictures with a designated image featuring the campaign branding.
The campaign plans to distribute $1 million in USDC equally among the first 20,000 NFT holders, providing $50 per participant—on the condition that MEXC releases the frozen funds. The remaining $1 million will be donated to verified, vetted charities, with the trader promising onchain receipts for transparency.
Other Users Report Similar Experiences
The White Whale also claimed that multiple other traders had reported similar account freezes by MEXC. He argued that some of the most successful market participants are being penalized for their performance. This claim aligns with previous research by Acheron Trading, which found that 78.5% of crypto token launches from April to June 2024 disrupted fair price discovery.
That report highlighted how such market practices could disadvantage end-users and project developers alike.
