Key Takeaways:
- Crypto trader “White Whale” launched a $2M campaign accusing MEXC of unjustly freezing $3.1M in funds without explanation.
- The campaign includes a bounty linked to NFT minting and social media engagement, contingent on MEXC unfreezing the funds.
- White Whale suggests his profitability and outperforming MEXC’s market makers may have triggered the account freeze.
A cryptocurrency trader known as “White Whale” has launched a $2 million campaign against centralized exchange MEXC after claiming it froze $3.1 million of his funds in July 2025 without justification.
He alleged no violations of MEXC’s terms of service and said the exchange demanded a one-year review period before releasing the money, offering no updates or documentation.
I Need Your Help – And I'm Putting a $2M Bounty Up For Grabs (half can be claimed by YOU)
— The White Whale (@TheWhiteWhaleHL) August 24, 2025
Let me start by saying – "I know, I was dumb" (more on that in the FAQs, but no need to comment how dumb I was – I just beat you to it)
In July 2025, @MEXC_Official froze over $3 million… pic.twitter.com/o2OAtcnR55
White Whale argues that other traders face similar freezes, often for being “too profitable” and outperforming external market makers linked to the platform.
In protest, he initiated a social campaign on X, encouraging users to mint a free NFT on the Base network, tag MEXC or its COO with the hashtag #FreeTheWhiteWhale, and update their profiles to show support.
Half of the bounty – $1 million in USDC – will be distributed among the first 20,000 NFT minters if the funds are unfrozen, while the other half is pledged to charities with transparent on-chain donations.
White Whale said he had completed MEXC’s KYC process, but the reasons for the freeze remain unverified.
He suggested the action stemmed from outperforming MEXC’s partnered market makers, raising broader concerns over fairness and transparency in exchange practices.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
