LATEST NEWS: The cryptocurrency exchange MEXC has reportedly frozen $3.1 million (₱176 million) in customer funds, citing concerns that the user was "too profitable."
The trader, known online as "The White Whale," revealed on X (formerly Twitter) that his account was blocked in July 2025 despite having completed all standard KYC requirements. According to him, the exchange placed his account under "risk control analysis" with a review time that could take up to a year.
In response, the trader launched a $2 million social media campaign to pressure MEXC to release the funds. The screenshots he shared show that MEXC contacted him via email and Telegram, requesting an in-person KYC verification in Malaysia.
Reports from other users suggest that similar cases have occurred, often involving account balances worth millions of dollars.
MEXC is currently banned in the Philippines for operating without the necessary licenses from regulators.