A crypto trader known as “White Whale” claims that crypto exchange MEXC froze $3.1 million in funds and later offered an “exclusive invitation” to Malaysia to resolve the issue in person. The trader says this request is unusual and raises serious safety concerns, citing the growing risk of crypto-related kidnappings.
What Happened?
- The trader alleges that MEXC froze their account despite passing all KYC checks, including:
- Face verification
- Proof of address
- Phone number confirmation
- MEXC allegedly suggested the trader visit Malaysia to meet with leadership for an “in-depth discussion” about the frozen funds.
- Screenshots shared by the trader also show MEXC offering trading perks and a potential partnership as part of the deal.
Trader Rejects the Offer
The trader refused the trip, calling it a “coercive tactic” and launched a $2 million social media pressure campaign under the hashtag #FreeTheWhiteWhale. The campaign incentivizes users to mint a free NFT on Base and tag MEXC or its COO on X (Twitter).
- Reward: A $1 million USDC bounty split among the first 20,000 participants, contingent on fund release.
MEXC Responds
MEXC stated it “does not freeze assets without reason” and cited risk management measures against:
- Price manipulation
- Wash trading
- Self-trading
- Fraudulent activity
However, the company did not address the in-person meeting claims.
This isn’t an isolated incident. In April, another user (Pablo Ruiz) claimed $2M in USDT was frozen for 365 days under “risk control,” with no prior notice or clear explanation.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
