White Whale escalates campaign
A pseudonymous cryptocurrency trader known as the White Whale has intensified his campaign against centralized exchange MEXC, increasing the offered “bounty” to $2.5 million. The move follows claims that MEXC demanded he travel to Malaysia for in-person Know Your Customer (KYC) verification to access $3 million worth of frozen assets.
Allegations of unjustified account freeze
According to the trader, MEXC froze his $3.1 million account in July 2025 without any terms of service violations. He alleged that the exchange imposed a 12-month restriction while his funds remained locked, despite his account’s strong profitability.
MEXC, however, has maintained that such restrictions are triggered by risk control measures rather than profitability, stating the year-long reviews apply to accounts tied to coordinated violations, compliance risks, or high-risk activity.
Bounty campaign grows
Initially launched as a $2 million social media push, the White Whale’s campaign now includes an additional $250,000 reward pool for participants. Supporters are asked to mint a free NFT on the Base network and use the hashtag #FreeTheWhiteWhale when tagging MEXC or its executives on X.
Pushback against in-person KYC
The White Whale rejected the reported request to travel abroad for verification, calling it outside normal exchange practices. Standard KYC procedures typically involve uploading identity documents online rather than in-person meetings.
“I’m not a dog to come when summoned — not for any amount of money,” the trader wrote on X, accusing MEXC of failing to follow its own rules.
Other traders speak out
The White Whale’s claims echo frustrations from other traders. Pablo Ruiz, another user, reported his $2 million account was frozen in April 2025 under a vague risk control protocol. Ruiz said his review process was marked “completed,” yet support insisted it was still ongoing — a contradiction he described as a lack of transparency.
