A cryptocurrency trader launched a $2 million campaign on social media, accusing the MEXC digital asset exchange of freezing over $3 million of his funds without reason.
In July 2025, anonymous cryptocurrency trader White Whale claimed that the MEXC centralized cryptocurrency exchange froze his funds worth $3.1 million without violating any terms of service.
Faced with a year-long fund freeze, White Whale decided to launch a $2 million social media campaign questioning why MEXC requires such a long review time.
“Why does the review take 12 months with no updates, documents, or accusations?”
Many other traders have also been affected by account freezes; White Whale stated that the most successful traders in the industry are often punished for having too high profits.
In response, the trader called on users to mint NFTs for free on the Base network, tagging MEXC with “#FreeTheWhiteWhale” and changing their avatars to support the movement.
After these tasks are completed, the first 20,000 NFT holders will share $1 million USDC, with each receiving a reward of 50 USDC, provided that MEXC releases the frozen funds. Additionally, another $1 million USDC will be donated to verified charities.
White Whale stated that it has completed the KYC verification process of MEXC. Cointelegraph was unable to independently verify the account freeze and has inquired with MEXC regarding the situation.
MEXC froze $3 million in funds due to high profits.
The trader claims that his funds were frozen because his profit level exceeded that of the exchange's cryptocurrency market makers, who ensure market liquidity by placing orders.
“The only mistake I know of? Just having too high profits.”
Although market makers are often accused of manipulating cryptocurrency prices, Acheron Trading's research shows that from April to June 2024, 78.5% of new cryptocurrency issuances did not achieve fair price discovery, negatively impacting end users and the projects themselves.
Additionally, 69.9% of junior token listings are considered “parasitic,” meaning market makers create token scarcity and market sentiment by exploiting market conditions.
