Crypto trader ups MEXC ‘bounty’ to $2.5M after in-person KYC request

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A cryptocurrency trader upsized his multimillion-dollar societal media unit run against MEXC aft claiming that the integer plus speech requested an in-person gathering to unfreeze the user’s $3 cardinal worthy of idiosyncratic funds.

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.

On Sunday, the trader launched a $2 million societal media unit run against the exchange, aiming to summation attraction connected the matter, aft claiming that the speech had requested a one-year reappraisal play earlier unfreezing the user’s funds, Cointelegraph reported connected Monday.

On Tuesday, the trader announced expanding the “bounty” against MEXC to $2.5 million, allocating an further $250,000 for the radical of users who enactment successful his societal media campaign, which includes minting a escaped non-fungible token (NFT) connected the Base network, tagging MEXC oregon its main operating officer’s X relationship with the “#FreeTheWhiteWhale” tag.

Another $250,000 volition beryllium donated to verified charities, wrote the White Whale successful a Tuesday X post, adding:

“I privation to marque definite these games stop.”

“We request to punctual them: The minnows are becoming sharks - and yes, adjacent whales. We’re not your prey anymore,” added the trader.

When initiating the archetypal $2 cardinal societal media campaign, the trader alleged that his relationship was issued a 12-month regularisation for nary wide line violations. He claimed that his relationship was much profitable than the exchange’s outer marketplace makers.

Still, relationship restrictions “are imposed strictly due to the fact that they triggered our hazard power rules, not owed to profitability,” a spokesperson for MEXC told Cointelegraph, adding the exchange’s 12-month reappraisal play applies “exclusively to accounts progressive successful coordinated violations, high-risk accounts, oregon compliance-related risks, and does not impact each users taxable to hazard power measures.”

MEXC can’t travel their ain rulebook: White Whale

The pseudonymous trader decided to summation the funds soon aft helium claimed that MEXC requested he alert to Malaysia to beryllium his individuality successful idiosyncratic to person his funds released.

This falls extracurricular of the norm of cryptocurrency exchanges, which typically inquire for impervious of code oregon different individuality documents that are submitted online during Know Your Customer (KYC) verification.

“I’m not a canine to travel erstwhile summoned - not for immoderate magnitude of money. And I don’t request to,” wrote the trader successful the Tuesday X post, adding:

“Because they can’t adjacent travel their ain rulebook, which makes nary notation of in-person KYC requirements.”

Other crypto investors person besides claimed suffering akin relationship closures.

On April 17, crypto trader Pablo Ruiz had his relationship frozen owed to a “vague hazard power protocol, without anterior notice, explanation, oregon immoderate accidental to cooperate.”

“Since then, astir 3 months person passed, and my funds — totaling $2,082,614 USDT — stay afloat inaccessible,” wrote Ruiz successful a July 13 X post, adding that his relationship was besides subjected to a reappraisal play of 365 days, acceptable to extremity successful April 2026.

The trader shared screenshots of an email stating the hazard power process was completed, “yet enactment insists the reappraisal is ongoing, revealing an INTERNAL CONTRADICTION and a implicit deficiency of transparency,” helium said.