A pseudonymous cryptocurrency trader known as 'the White Whale' has launched a multimillion-dollar campaign against the exchange MEXC, alleging unjustified freezing of his $3.1 million in funds and the demand for in-person identity verification in Malaysia.
Conflict History
The trader claims that his account was restricted in July 2025 without justification and in violation of MEXC’s terms. In response, he initiated a bounty-style campaign seeking $2 million to pressure the exchange into releasing his funds.
Discussion on KYC and Risk Controls
The dispute revolves around MEXC's 12-month account review process, which was allegedly applied to the trader's account without transparency. He claimed the exchange required in-person verification in Malaysia, an action he deemed outside typical practices, as most exchanges use digital KYC checks. MEXC stated the account was restricted based on risk-control protocols, not profitability.
Community Support
The White Whale seeks to rally public support through free NFTs on the Base network and social media tagging of MEXC executives. He emphasizes that the effort is meant to convey a broader message that 'the minnows are becoming sharks — and yes, even whales. We’re not your prey anymore.'
The conflict between 'The White Whale' and MEXC raises significant questions regarding transparency and risk control processes within cryptocurrency exchanges. This situation draws attention from both traders and regulatory bodies.
