Trader known as the White Whale has launched a campaign against MEXC after the exchange froze over $3 million of his funds, sparking significant discussions in the crypto community.
Trader's Allegations Against MEXC
The trader, known as the White Whale, alleges that MEXC froze his personal funds amounting to $3.1 million without any breaches of terms of service. According to him, the exchange requested a year-long review before unfreezing the funds.
Social Media Campaign
In response to his account suspension, the trader initiated a social media campaign encouraging users to mint free non-fungible tokens (NFTs) on the Base network and tag MEXC with the hashtag #FreeTheWhiteWhale. $1 million will be distributed amongst the first 20,000 NFT holders.
MEXC’s Position and Context
The cryptocurrency exchange MEXC has not provided any comments regarding the situation. The trader claims his funds were frozen due to his higher profitability compared to the exchange's market makers. Research indicates that market makers are often perceived as price manipulators, although there is a lack of evidence supporting such claims.
The situation involving the White Whale and his allegations against MEXC raises questions regarding transparency and governance in the crypto industry, particularly on how organizations handle similar situations.
