After claiming that MEXC required an in-person meeting to unfreeze his $3 million personal funds, a cryptocurrency trader intensified social media pressure on MEXC.
In July 2025, the trader, known as 'White Whale', stated that the centralized cryptocurrency exchange MEXC froze $3.1 million of its assets without violating the terms of service.
On Sunday, the trader launched a $2 million social media pressure campaign to attract more attention. He accused the exchange of requiring a one-year review period before unfreezing funds.
On Tuesday, the trader announced an increase in the bounty for MEXC to $2.5 million, with an additional $250,000 allocated to users participating in social media activities. The event includes issuing free NFTs on the Base network and tagging MEXC or its CEO's accounts on social platforms using the hashtag '#FreeTheWhiteWhale'.
An additional $250,000 will be donated to certified charities. The White Whale wrote on social media on Tuesday: 'I want to ensure that these games stop.'
'They need to be reminded: small fish have turned into sharks, and even whales. We are no longer your prey.'
At the start of a $2 million social media campaign, the trader claimed that its account was restricted for 12 months for not violating the guidelines. A spokesperson for MEXC told Cointelegraph that the account restriction was due to triggering risk control rules, not profitability.
MEXC cannot follow its own rules: White Whale
After MEXC asked him to fly to Malaysia for an in-person meeting to verify his identity, the trader decided to increase the bounty. This practice is not in line with the usual operations of cryptocurrency exchanges, which typically only require online submission of identity verification materials.
The trader wrote in the post: 'I am not a dog to be called at will. I also don't need to go because they can't follow their own rules, and the rules do not mention a requirement for a face-to-face meeting.'
Other cryptocurrency investors have also claimed to encounter similar account closures.
On April 17, cryptocurrency trader Pablo Ruiz had his account frozen due to 'vague risk control protocols' and was not given an opportunity for explanation.
Since then, about three months have passed, and my funds—totaling 2,082,614 USDT—are still inaccessible.' Ruiz wrote in a social media post on July 13, stating that his account review period was extended to April 2026.
The trader shared a screenshot of an email stating that risk control had been completed, but support still claimed that the review was ongoing, revealing internal contradictions and a lack of transparency.