Crypto trader known as White Whale has launched a campaign on social media following the freezing of his assets on the exchange MEXC. The frozen funds amount to over $3 million.
Escalation of the Conflict with MEXC
In July 2025, the MEXC exchange reportedly locked $3.1 million of the trader’s personal assets without any violations of the platform's terms. The trader claims MEXC has set a one-year review period for the frozen funds, raising concerns over the lack of communication.
Support Campaign and NFT
The trader launched a major social media campaign, offering a bounty of $2 million to incentivize community support. Half of this amount is designated for participants who can receive $50 USDC if the frozen funds are released. Further, part of the funds is allocated to verified charities with a commitment to transparent on-chain proof of donations.
MEXC's Response and Crypto Market
MEXC stated that restrictions and freezes result from internal risk control policies, not due to users' profitability. The exchange emphasized that the lengthy review process only applies to accounts with complications related to violations or high risks.
This incident highlights ongoing challenges faced by traders on centralized exchanges and raises concerns about the transparency of exchange actions in light of the role of market makers in the crypto landscape.
