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A cryptocurrency trader has significantly escalated a public pressure campaign against the MEXC exchange, increasing a bounty to $2.5 million. This move follows MEXC's alleged request for an in-person identity verification to unfreeze the trader's $3 million in assets, a demand the trader deems unusual and unjustified.
Key Takeaways
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A crypto trader has raised a bounty to $2.5 million against MEXC.
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The trader claims MEXC froze $3.1 million without clear violations.
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MEXC allegedly requested an in-person KYC meeting in Malaysia.
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The exchange states restrictions are due to risk control and coordinated violations.
Escalating the Pressure Campaign
The pseudonymous trader, known as the White Whale, initially launched a $2 million social media campaign to draw attention to the freezing of his $3.1 million in assets by MEXC in July 2025. The exchange reportedly cited a 12-month review period for the frozen funds. The trader alleges no terms of service were violated and that his account was more profitable than the exchange's market makers.
The In-Person KYC Demand
The situation intensified when MEXC allegedly requested the trader to travel to Malaysia for an in-person Know Your Customer (KYC) verification to release his funds. The White Whale criticized this demand, stating it is outside the norm for crypto exchanges, which typically rely on online document submission. He emphasized that MEXC's own rulebook does not mention in-person KYC requirements.
Increased Bounty and Charitable Donations
In response to the alleged in-person KYC request, the trader increased the bounty to $2.5 million. An additional $250,000 has been allocated for users participating in the social media campaign, which includes minting a free NFT on the Base network and using the hashtag #FreeTheWhiteWhale. Furthermore, $250,000 will be donated to verified charities, with the trader stating, "I want to make sure these games stop."
MEXC's Response
A spokesperson for MEXC stated that account restrictions are imposed due to triggered risk control rules, not profitability. They clarified that the 12-month review period applies specifically to accounts involved in coordinated violations, high-risk activities, or compliance-related risks, and does not affect all users under risk control measures.
Similar Allegations Surface
Other crypto investors have come forward with similar complaints. Pablo Ruiz, another trader, reported his account being frozen with over $2 million in USDT due to a "vague risk control protocol." His account also faces a 365-day review period, set to end in April 2026, and he noted internal contradictions and a lack of transparency in the exchange's support responses.
Sources
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Crypto trader ups MEXC ‘bounty’ to $2.5M after in-person KYC request — TradingView News, TradingView.
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