Trader Claims Account Freeze on Major Exchange
A cryptocurrency trader has launched a $2 million social media initiative against the centralized exchange MEXC. The campaign follows the alleged freezing of $3.1 million in the trader's personal funds in July 2025. The trader, known pseudonymously as the White Whale, claims the freeze occurred despite no breach of the platform�s terms of service.
Allegations and Response
According to statements shared by the trader on the social platform X, MEXC requested a one-year review period before considering the release of the frozen assets. White Whale alleges that he completed all required know-your-customer (KYC) procedures before the account was suspended.
The campaign includes a $2 million bounty to rally support. White Whale encourages users to mint a free non-fungible token (NFT) on the Base network, tag the exchange or its chief operating officer with a specific hashtag, and use a designated profile image. He pledged that $1 million of the bounty would go to the first 20,000 NFT holders if MEXC releases his funds, awarding each $50 USDC. The remaining $1 million is earmarked for charities, with public on-chain receipts promised.
Market Maker Issues Highlighted
The trader contends that his profitability as a user may have prompted the freeze, stating that highly successful participants are often targeted by exchanges. He also mentioned that other traders reported similar account freezes. White Whale notes that market makers, often blamed for price manipulation, are misunderstood actors in crypto markets.
Research from Acheron Trading highlights concerns about market maker practices in token listings from April to June 2024. The findings suggest that nearly 70% of primary token listings exhibited conditions described as 'parasitic,' where market makers may have manipulated premarket conditions and created artificial scarcity.
Lack of Official Confirmation
The allegations remain unverified. MEXC has not issued a public response, and independent sources have yet to corroborate the status of the account or the details of the freeze. The incident raises questions about transparency, user protection, and exchange accountability within the digital asset industry.
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