Bounty Increased to $2.5M: @TheWhiteWhaleHL vs @MEXC_Official – Grab Your Share Today! Updates Below Original Post: x.com/TheWhiteWhaleH… Day Two Post: x.com/TheWhiteWhaleH… Effective immediately I am increasing the overall bounty to $2.5M. Look – I never wanted to be
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MEXC trader dispute escalates with $2.5M social media campaign
Aug, 27, 2025
3 min read
by Diya Poddar
for Invezz
A dispute between centralised cryptocurrency exchange MEXC and a pseudonymous trader has intensified after $3.1 million in personal funds were allegedly frozen without clear violations.
The trader, known online as the White Whale, has expanded his multimillion-dollar campaign against the platform, claiming the exchange demanded in-person verification before releasing the funds.
The clash has sparked wider concerns about transparency, risk protocols, and user protection in the crypto sector, with other investors reporting similar restrictions in recent months.
$3.1 million frozen and $2.5 million campaign launched
In July 2025, MEXC allegedly froze $3.1 million belonging to the trader, despite no reported breach of its terms of service.
The user claimed that his account was subjected to a 12-month restriction and that the platform informed him his funds would only be released after the period ended.
On Sunday, the trader began a $2 million social media campaign against the exchange, which he later increased to $2.5 million on Tuesday.
According to his post on X, $250,000 of the additional funds were allocated to participants in the campaign, which involves minting a free NFT on the Base network and tagging MEXC or its chief operating officer with the “#FreeTheWhiteWhale” tag. Another $250,000 was earmarked for donations to verified charities.
The campaign is designed to apply public pressure on MEXC to reverse the decision.
The trader stated that his account had been more profitable than the exchange’s external market makers, though MEXC denied that profitability played any role in its decision.
MEXC risk controls under scrutiny
MEXC responded by saying that restrictions are imposed strictly under its risk control measures, and not because of trading performance.
A spokesperson said that a 12-month review applies to “coordinated violations, high-risk accounts, or compliance-related risks,” but not to all users placed under risk control.
Despite these statements, the trader claimed that MEXC later asked him to travel to Malaysia for in-person verification to prove his identity, which he said was not outlined in the platform’s rulebook.
Normally, exchanges conduct Know Your Customer (KYC) procedures online, requiring only proof of identity and address documentation.
On X, the trader wrote that such requests were outside the standard framework of crypto exchange policies, adding that the exchange “can’t even follow their own rulebook.”
Other investors also report frozen accounts
The incident is not isolated. Other traders have also alleged sudden account restrictions on MEXC.
On April 17, Pablo Ruiz, another crypto investor, said his account was frozen under what he described as a “vague risk control protocol.”
In a July 13 post on X, Ruiz wrote that his funds amounting to $2,082,614 USDT remained inaccessible three months later, with his account also placed under a 365-day review period ending in April 2026.
On April 17, 2025, @MEXC_Official froze my account due to a vague “risk control” protocol, without prior notice, explanation, or any opportunity to cooperate. Since then, nearly 3 months have passed, and my funds — totaling $2,082,614 USDT — remain fully inaccessible.
Ruiz shared screenshots showing an email confirming that the risk control process had been completed, while support staff continued to insist that his account was still under review. He described this as contradictory and lacking transparency.
Growing concerns over centralised exchange practices
The conflict between MEXC and the White Whale highlights growing tensions between traders and centralised platforms over fund access and risk management policies.
The $2.5 million campaign, which uses blockchain tools like NFTs and social media pressure, underscores how disputes with exchanges are increasingly being fought publicly.
With multiple traders now reporting frozen accounts and prolonged review periods, the case raises questions about how exchanges apply risk protocols and communicate with users.
The outcome could set a precedent for how disputes between investors and platforms are resolved in the future.
The post MEXC trader dispute escalates with $2.5M social media campaign appeared first on Invezz
Read More
MEXC trader dispute escalates with $2.5M social media campaign
Aug, 27, 2025
3 min read
by Diya Poddar
for Invezz
A dispute between centralised cryptocurrency exchange MEXC and a pseudonymous trader has intensified after $3.1 million in personal funds were allegedly frozen without clear violations.
The trader, known online as the White Whale, has expanded his multimillion-dollar campaign against the platform, claiming the exchange demanded in-person verification before releasing the funds.
The clash has sparked wider concerns about transparency, risk protocols, and user protection in the crypto sector, with other investors reporting similar restrictions in recent months.
$3.1 million frozen and $2.5 million campaign launched
In July 2025, MEXC allegedly froze $3.1 million belonging to the trader, despite no reported breach of its terms of service.
The user claimed that his account was subjected to a 12-month restriction and that the platform informed him his funds would only be released after the period ended.
On Sunday, the trader began a $2 million social media campaign against the exchange, which he later increased to $2.5 million on Tuesday.
According to his post on X, $250,000 of the additional funds were allocated to participants in the campaign, which involves minting a free NFT on the Base network and tagging MEXC or its chief operating officer with the “#FreeTheWhiteWhale” tag. Another $250,000 was earmarked for donations to verified charities.
Bounty Increased to $2.5M: @TheWhiteWhaleHL vs @MEXC_Official – Grab Your Share Today! Updates Below Original Post: x.com/TheWhiteWhaleH… Day Two Post: x.com/TheWhiteWhaleH… Effective immediately I am increasing the overall bounty to $2.5M. Look – I never wanted to be
The campaign is designed to apply public pressure on MEXC to reverse the decision.
The trader stated that his account had been more profitable than the exchange’s external market makers, though MEXC denied that profitability played any role in its decision.
MEXC risk controls under scrutiny
MEXC responded by saying that restrictions are imposed strictly under its risk control measures, and not because of trading performance.
A spokesperson said that a 12-month review applies to “coordinated violations, high-risk accounts, or compliance-related risks,” but not to all users placed under risk control.
Despite these statements, the trader claimed that MEXC later asked him to travel to Malaysia for in-person verification to prove his identity, which he said was not outlined in the platform’s rulebook.
Normally, exchanges conduct Know Your Customer (KYC) procedures online, requiring only proof of identity and address documentation.
On X, the trader wrote that such requests were outside the standard framework of crypto exchange policies, adding that the exchange “can’t even follow their own rulebook.”
Other investors also report frozen accounts
The incident is not isolated. Other traders have also alleged sudden account restrictions on MEXC.
On April 17, Pablo Ruiz, another crypto investor, said his account was frozen under what he described as a “vague risk control protocol.”
In a July 13 post on X, Ruiz wrote that his funds amounting to $2,082,614 USDT remained inaccessible three months later, with his account also placed under a 365-day review period ending in April 2026.
On April 17, 2025, @MEXC_Official froze my account due to a vague “risk control” protocol, without prior notice, explanation, or any opportunity to cooperate. Since then, nearly 3 months have passed, and my funds — totaling $2,082,614 USDT — remain fully inaccessible.
Ruiz shared screenshots showing an email confirming that the risk control process had been completed, while support staff continued to insist that his account was still under review. He described this as contradictory and lacking transparency.
Growing concerns over centralised exchange practices
The conflict between MEXC and the White Whale highlights growing tensions between traders and centralised platforms over fund access and risk management policies.
The $2.5 million campaign, which uses blockchain tools like NFTs and social media pressure, underscores how disputes with exchanges are increasingly being fought publicly.
With multiple traders now reporting frozen accounts and prolonged review periods, the case raises questions about how exchanges apply risk protocols and communicate with users.
The outcome could set a precedent for how disputes between investors and platforms are resolved in the future.
The post MEXC trader dispute escalates with $2.5M social media campaign appeared first on Invezz
Read More