Trader Launches $2 Million Campaign Against MEXC
A cryptocurrency trader has initiated a $2 million social media pressure campaign targeting MEXC, asserting that the digital asset exchange has locked more than $3 million of his personal funds without a clear justification.
In July 2025, the centralized cryptocurrency exchange (CEX) MEXC reportedly froze $3.1 million of personal assets, as claimed by the pseudonymous crypto trader known as the White Whale. This action allegedly took place without any violation of the exchange’s terms of service.
In reaction to this situation, the trader is spearheading a $2 million social media campaign, stating that MEXC demanded a one-year review period before unfreezing his funds.
“I’m Putting a $2M Bounty Up For Grabs (half can be claimed by YOU),” the White Whale announced in a Sunday post on X, adding:
Numerous other traders are reportedly facing similar account freezes, with the trader asserting that the industry’s most successful participants are “punished for winning.”
In light of his account suspension, the trader initiated a social media campaign that encourages users to mint a free non-fungible token (NFT) on the Base network, tag MEXC or its chief operating officer on X with the “#FreeTheWhiteWhale” hashtag, and change their profile pictures to a specified image.
For fulfilling these tasks, $1 million of the bounty will be evenly distributed among the first 20,000 NFT holders, granting each participant $50 USDC (USDC), contingent upon MEXC releasing the frozen assets.
An additional $1 million worth of USDC will be designated for “verified, carefully vetted charities,” with receipts promised onchain after the donations are made.
The trader stated that he had previously completed MEXC’s Know Your Customer (KYC) verification process.
We could not independently verify the account freeze and has reached out to MEXC for their comments regarding the issue.
The trader claimed that his funds were frozen due to being more profitable than the exchange’s own crypto market makers, which are firms or individuals providing liquidity by consistently placing buy and sell orders to ensure smooth trading.
“My only conceivable offense? I was too profitable,” remarked the pseudonymous trader, adding:
Crypto market makers are often misunderstood participants in the digital asset space, frequently accused by traders of manipulating cryptocurrency prices without solid evidence.
Nonetheless, research from Acheron Trading indicated that 78.5% of new crypto launches between April and June 2024 interfered with fair price discovery, negatively impacting both end-users and the projects involved.
Additionally, 69.9% of primary token listings were identified as “Parasitic,” suggesting that market makers were taking advantage of premarket conditions to create artificial scarcity and sentiment around the token.
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