Updated August 25th at 1:25pm UTC: This article has been updated to include responses from a MEXC spokesman.
Cryptocurrency traders have launched a $2 million social media pressure campaign against MEXC, claiming that the digital asset exchange has frozen more than $3 million in personal funds without any clear reason.
In July 2025, the Central Cryptocurrency Exchange (CEX) MEXC is said to have frozen $3.1 million worth of personal funds without any conditions.
In response, traders launched a $2 million social media pressure campaign against MEXC, claiming that the exchange requested a one-year review period before removing users’ funds.
“I’m putting in a $2 million bounty for the grab (half you can charge),” wrote the white whale in X’s post on Sunday.
“What reviews will take 12 months – without one update, documentation or request”
Many other traders have been affected by similar account freezes, the traders said, adding that the industry’s most successful participants are “punished for victory.”
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In response to the account suspension, the trader will launch a social media campaign, requesting that users be motivated on the base network with the “#FreeThewHiteWhale” tag, the X account of the tag MEXC or its Chief Operating Officer, and change the profile photo to the image above.
To complete these tasks, when MEXC releases frozen funds, the $1 million prize will be split equally into the first 20,000 NFT holders who will award each owner a $50 USDC (USDC).
Another $1 million worth of USDC will be allocated to “verified, carefully reviewed charities,” with traders pledging an on-chain receipt after the donation.
Traders claimed they had previously completed the Exchange’s Know Your Customer (KYC) verification process.
A MEXC spokesman told Cointelegraph “The account restrictions and freezes are strictly imposed not because of profitability, but because they caused risk control rules,” adding that the exchange has launched updated risk management measures.
“During the review, we identified certain user funds as harboring potential risks, resulting in temporary withdrawal restrictions imposing and requesting that those users complete advanced KYC verification,” the spokesman added.
For a 12-month review period, this mechanism “applies only to adjusted violations, high-risk accounts, or accounts involved in compliance-related risks and does not affect all users covered by risk management measures.” MEXC has submitted several reports on these accounts to “Regulators Related to July and August.”
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“White Whale” claims to outperform MEXC market makers before the $3 million freeze
The trader claimed that his funds were frozen because he was more profitable than the exchange’s crypto market maker, company or individual, providing liquidity by placing consistent buy and sale orders to ensure prospective trading.
“My only possible attack? I was too useful,” the kana trader added.
“I consistently beat their external market makers – companies where they quietly cooperate and become counterparties for trading (this is a public record).”
Crypto Market Maker is one of the most misunderstood participants in the digital asset market, and despite the lack of evidence, he is often blamed by traders for deliberately manipulating cryptocurrency prices.
Still, Acheron Trading’s research suggested that between April and June 2024, 78.5% of new crypto launches were carried out in a way that disrupts the discovery of fair prices and negatively affects both the end users and the project itself.
Furthermore, 69.9% of the major token lists were “parasitics,” meaning that market makers were exploiting pre-market conditions by creating artificial deficiencies and emotions around tokens.
https://www.youtube.com/watch?v=4n4pznl8syw
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