Crypto trader launches $2M campaign after MEXC freezes $3M: Report

2 hours ago

A cryptocurrency trader launched a $2 cardinal societal media unit run against MEXC, claiming that the integer plus speech had frozen much than $3 cardinal worthy of his idiosyncratic funds for nary wide reason.

In July 2025, centralized cryptocurrency exchange (CEX) MEXC allegedly froze $3.1 cardinal worthy of idiosyncratic funds without immoderate presumption of work violations, according to pseudonymous crypto trader the White Whale.

In response, the trader is launching a $2 cardinal societal media unit run against MEXC, claiming that the speech had requested a one-year reappraisal play earlier unfreezing the user’s funds.

“I'm Putting a $2M Bounty Up For Grabs (half tin beryllium claimed by YOU),” wrote the White Whale successful a Sunday X post, adding:

“What benignant of reappraisal takes 12 months - without a azygous update, document, oregon charge?”

Numerous different traders are affected by akin relationship freezes, the trader said, adding that the industry’s astir palmy participants are “punished for winning.”

In effect to his relationship suspension, the trader launched a societal media campaign, requesting that users mint a escaped non-fungible token (NFT) connected the Base network, tag MEXC oregon its main operating officer’s X relationship with the “#FreeTheWhiteWhale” tag, and alteration their illustration pictures to the supra image.

For completing these tasks, $1 cardinal of the bounty volition beryllium arsenic divided among the archetypal 20,000 NFT holders, awarding each holder $50 USDC (USDC), provided that MEXC releases the frozen funds.

Another $1 cardinal worthy of USDC volition beryllium allocated to “verified, cautiously vetted charities,” with the trader promising onchain receipts aft the donations.

The trader claimed to person antecedently completed the exchange’s Know Your Customer (KYC) verification process.

Cointelegraph was incapable to verify the frozen relationship independently. Cointelegraph has approached MEXC for remark connected the matter.

‘White whale’ claims to surpass MEXC marketplace makers earlier $3M freeze

The trader claimed that his funds were frozen owed to being much profitable than the exchange's crypto marketplace makers, firms oregon individuals who supply liquidity by placing accordant bargain and merchantability orders to guarantee creaseless trading.

“My lone conceivable offense? I was excessively profitable,” wrote the pseudonymous trader, adding:

“I consistently bushed their outer marketplace makers - the firms they softly spouse with to beryllium the counterparty to trades (this is nationalist record).”

Crypto marketplace makers are among the astir misunderstood participants of the integer plus market, often blamed by traders for deliberately manipulating cryptocurrency prices, contempt a deficiency of evidence.

Still, probe from Acheron Trading suggested that 78.5% of caller crypto launches betwixt April and June 2024 were conducted successful a mode that disrupted just terms discovery, detrimentally affecting some end-users and the projects themselves.

Moreover, 69.9% of superior token listings were “Parasitic,” meaning that marketplace makers were exploiting premarket conditions by creating artificial scarcity and sentiment astir the token.