A high-profile crypto trader has accused MEXC Global of unjustly freezing more than $3.1 million in his account and is offering a $2 million bounty to rally community support for the release of the funds.
The trader, who goes by the pseudonym “White Whale,” claims the exchange froze his balance of $3,158,572 in July 2025 without warning, specific allegations, or evidence of wrongdoing. According to him, the freeze followed months of profitable trading that consistently outperformed MEXC’s external market-making partners.
“I had passed their highest level of KYC. There was no violation of terms, just retaliation for being too profitable,”
the trader alleged in a public statement. MEXC has reportedly told him the “review process” could take up to 12 months, though no details have been provided.
To mount pressure, the trader has launched a social campaign under the hashtag #FreeTheWhiteWhale. Supporters are being encouraged to mint a free NFT badge on the Base network, tag MEXC executives, and temporarily adopt a campaign profile picture. In return, he has pledged $1 million in USDC to be distributed among 20,000 NFT holders—equivalent to $50 each—if the exchange releases the funds. An additional $1 million will be donated to vetted charities.
The case highlights growing concerns around centralized exchanges (CEXs) and their opaque control over customer assets. Traders have long warned that offshore-registered platforms can freeze accounts with little transparency or legal recourse.
While MEXC has not issued a formal statement on the matter, the controversy underscores renewed scrutiny of centralized platforms at a time when many in the crypto community are pushing for on-chain transparency and user protection.
Meanwhile, MEXC Ventures, the firm’s investment arm, announced a strategic stake in Indonesian exchange Triv, valuing the platform at $200 million. The deal underscores MEXC’s bid to strengthen its foothold in one of the region’s fastest-growing crypto markets.
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