A trader known as White Whale has launched a campaign against the MEXC exchange, claiming that the company froze over $3 million of his funds without a clear reason.
Trader's Frozen Funds
White Whale alleged that his account containing $3,158,572.32 was frozen without prior warning or any violations of the platform's rules. The trader stated that his money came from legitimate trading activity and accused MEXC of retaliation after consistently outperforming the exchange’s market makers. 'My only conceivable offense? I was too profitable,' he wrote on X.
$2 Million Pressure Campaign Against MEXC
In response, the trader initiated a $2 million bounty campaign urging the community to pressure the exchange. He encouraged users to mint a free NFT on the Base network, tag MEXC or its COO on X with the hashtag #FreeTheWhiteWhale, and change their profile pictures. Of the $2 million, $1 million will be distributed equally among the first 20,000 NFT holders if MEXC releases the funds, giving each $50 USDC.
Other Traders' Issues
White Whale pointed out that he is not alone, noting that many other traders have faced similar fund freezes after making good profits. He believes that centralized exchanges support their own market makers and work against traders who manage to outperform them. Research from Acheron Trading indicated that 78.5% of token launches between April and June 2024 disrupted fair price discovery.
For White Whale, the issue extends beyond his frozen funds; he aims to set a precedent for traders, emphasizing that they should not be seen as easy prey.
