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A pseudonymous cryptocurrency trader known as the White Whale has intensified his campaign against digital asset exchange MEXC, raising the MEXC bounty from $2 million to $2.5 million. The move follows allegations that the exchange froze his $3.1 million in funds without citing any violations of its terms of service.
The trader, who has built a following among retail and institutional investors, launched the original MEXC bounty in July 2025. The campaign offered financial rewards for community members who amplified his message on social media under the hashtag #FreeTheWhiteWhale. The trader claims MEXC imposed a 12-month restriction on his account, a move he argues is unjustified and inconsistent with industry norms.
“This is about more than just my account,” the White Whale wrote on X. “We need to remind them: the minnows are becoming sharks — and yes, even whales. We’re not your prey anymore.”
MEXC has pushed back against the accusations, saying that restrictions are never imposed based on user profitability. Instead, the exchange insists its 12-month review period applies only to “coordinated violations, high-risk accounts, or compliance-related risks.”
“Account restrictions are imposed strictly because they triggered our risk control rules, not due to profitability,” — MEXC spokesperson, in a statement to Cointelegraph.
However, the White Whale argues that the exchange has failed to follow its own guidelines, claiming he was asked to travel to Malaysia in person to verify his identity.
“I’m not a dog to come when summoned — not for any amount of money,” he said. “They can’t even follow their own rulebook, which makes no mention of in-person KYC requirements.”
The unusual demand has raised eyebrows across the crypto community, where identity verification is typically handled digitally through Know Your Customer (KYC) protocols.
The MEXC bounty has resonated with other traders who claim to have faced nearly identical problems, raising broader questions about how the exchange enforces its risk-control measures.
On April 17, crypto investor Pablo Ruiz said his account — holding over $2 million — was suddenly frozen without prior notice. He described the justification as a “vague risk control protocol,” and despite repeated follow-ups with customer support, no clear explanation was provided.
“Since then, nearly 3 months have passed, and my funds — totaling $2,082,614 USDT — remain fully inaccessible,” Ruiz wrote in a July 13 post on X. He shared screenshots suggesting that the internal review process had been completed, yet customer service staff continued to insist that his account was still under investigation. “This reveals an internal contradiction and a complete lack of transparency,” Ruiz said.
Ruiz is not alone. Other traders have begun posting similar stories online, claiming lengthy account freezes, limited communication from support, and shifting timelines for reviews. Some argue that the 12-month restrictions being cited by MEXC are being applied inconsistently, while others allege the process amounts to arbitrary seizure of funds.
These testimonies have fueled growing skepticism about MEXC’s practices, lending momentum to the MEXC bounty campaign and amplifying calls for greater accountability among centralized exchanges. For critics, the dispute underscores the vulnerability of retail and professional investors alike when platforms act without providing timely or transparent recourse.
“Cases like these show why traders are increasingly wary of centralized exchanges,” — Carla Carrizo, a blockchain policy researcher at the University of Buenos Aires, told Cointelegraph. “Without independent oversight, users have very limited options to protect themselves when conflicts arise.”
The conflict between MEXC and the White Whale underscores a broader concern in crypto markets: the vulnerability of investors to opaque practices at centralized exchanges. Analysts warn that unresolved disputes like this can undermine confidence in platforms already under scrutiny from regulators worldwide.
“Centralized exchanges still control user funds, and without clear rules or enforcement, traders are left exposed,” — ZachXBT, independent blockchain investigator, in a June statement.
The MEXC bounty now includes $250,000 earmarked for charities and an additional $250,000 distributed among supporters who participate in the campaign. By blending financial incentives with social activism, the White Whale has turned a private dispute into a public standoff with significant implications for investor trust.
Whether the campaign results in the unfreezing of his funds remains uncertain. But the growing attention around the MEXC bounty signals an intensifying demand for transparency, accountability, and investor protection in the centralized exchange ecosystem.
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