A cryptocurrency trader known as “White Whale” has launched a $2 million social media pressure campaign against MEXC, claiming that the exchange froze more than $3 million of his funds for no clear reason. The trader alleged he was sidelined for being “too profitable” and outperforming MEXC’s external market makers.
Trader Alleges Funds Frozen for Being “Too Profitable”
White Whale said his account, containing $3,158,572.32, was frozen without warning, evidence, or any violation of the platform’s terms of service. He argued that the money came from legitimate trading activity, and accused MEXC of retaliation after he consistently beat its market makers. “My only conceivable offense? I was too profitable,” he wrote on X.
According to him, MEXC informed him that the review process would take up to one year, which he described as an indefinite freeze. “What kind of review takes 12 months – without a single update, document, or charge?”, he asked, noting that he had already passed the exchange’s most advanced Know Your Customer (KYC) process.
$2 Million Bounty Campaign Against MEXC
In response to this freeze, the trader launched a $2 million bounty campaign urging the crypto community to pressure the exchange. He asked 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. The other $1 million will be donated to carefully vetted charities, with the trader pledging full on-chain transparency.
White Whale said he isn’t the only one facing this, pointing out that many other traders have also had their accounts frozen after making good profits. He believes centralized exchanges back their own market makers and go against traders who manage to beat them.
Backing these concerns, Acheron Trading’s research showed that 78.5% of token launches between April and June 2024 disrupted fair price discovery, while 69.9% of listings were “parasitic,” designed to create artificial scarcity and hype before trading went live.
For White Whale, the issue is no longer just about his frozen funds but about setting a precedent for traders. “We are not your exit liquidity. We are not your prey. We are the tide. And the tide is turning,” he declared.
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