Crypto Trader ups MEXC 'bounty' to $2.5M, after in-person KYC request

A cryptocurrency trader upsized his multimillion-dollar social media pressure campaign against MEXC after claiming that the digital asset exchange requested an in-person meeting to unfreeze the user’s $3 million worth of personal funds.

In July 2025, centralized cryptocurrency exchange (CEX) MEXC allegedly froze $3.1 million worth of personal funds without any terms of service violations, according to pseudonymous crypto trader the White Whale.

On Sunday, the trader launched a $2 million social media pressure campaign against the exchange, aiming to increase attention on the matter, after claiming that the exchange had requested a one-year review period before unfreezing the user’s funds, Cointelegraph reported on Monday.

On Tuesday, the trader announced increasing the “bounty” against MEXC to $2.5 million, allocating an additional $250,000 for the group of users who participate in his social media campaign, which includes minting a free non-fungible token (NFT) on the Base network, tagging MEXC or its chief operating officer’s X account with the “#FreeTheWhiteWhale” tag.

Source: The White Whale

Another $250,000 will be donated to verified charities, wrote the White Whale in a Tuesday X post, adding:

“I want to make sure these games stop.”

“We need to remind them: The minnows are becoming sharks – and yes, even whales. We’re not your prey anymore,” added the trader.

Related: Solana devs billed $5K for single query via Google Cloud’s BigQuery

When initiating the initial $2 million social media campaign, the trader alleged that his account was issued a 12-month restriction for no clear guideline violations. He claimed that his account was more profitable than the exchange’s external market makers.

Still, account restrictions “are imposed strictly because they triggered our risk control rules, not due to profitability,” a spokesperson for MEXC told Cointelegraph, adding the exchange’s 12-month review period applies “exclusively to accounts involved in coordinated violations, high-risk accounts, or compliance-related risks, and does not affect all users subject to risk control measures.”

Related: US retirement plans could fuel Bitcoin rally to $200K despite downturn: Finance Redefined

MEXC can’t follow their own rulebook: White Whale

The pseudonymous trader decided to increase the funds shortly after he claimed that MEXC requested he fly to Malaysia to prove his identity in person to have his funds released.

This falls outside of the norm of cryptocurrency exchanges, which typically ask for proof of address or other identity documents that are submitted online during Know Your Customer (KYC) verification.

“I’m not a dog to come when summoned – not for any amount of money. And I don’t need to,” wrote the trader in the Tuesday X post, adding:

“Because they can’t even follow their own rulebook, which makes no mention of in-person KYC requirements.”

Other crypto investors have also claimed suffering similar account closures.

On April 17, crypto trader Pablo Ruiz had his account frozen 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,” wrote Ruiz in a July 13 X post, adding that his account was also subjected to a review period of 365 days, set to end in April 2026.

The trader shared screenshots of an email stating the risk control process was completed, “yet support insists the review is ongoing, revealing an INTERNAL CONTRADICTION and a complete lack of transparency,” he said.