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MEXC frozen funds refers to an alleged $3.1M account freeze by exchange MEXC that a pseudonymous trader, the White Whale, says prompted a $2M social media bounty and NFT campaign after the exchange reportedly delayed a one-year review to release funds.
MEXC froze $3.1M in a user’s account, triggering a $2M bounty campaign.
The trader claims the freeze followed KYC completion and cites being more profitable than market makers.
Research cited shows 78.5% of new crypto launches disrupted fair price discovery; 69.9% labelled “Parasitic.”
MEXC frozen funds: alleged $3.1M freeze sparks $2M White Whale bounty and NFT campaign—read the facts, steps to respond, and key takeaways.
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What happened with the MEXC frozen funds allegation?
MEXC frozen funds refers to a reported account freeze of $3.1M belonging to a pseudonymous trader known as the White Whale. The trader says the exchange placed a one-year review hold after KYC completion and has not provided documents, charges, or updates explaining the freeze.
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The trader initiated a $2M social media bounty and NFT campaign demanding transparency and release of funds. MEXC has been contacted but the trader’s claims remain independently unverified at this time.
Source: the White Whale
How is the White Whale structuring the $2M campaign?
The White Whale pledged $2M in USDC split across two allocations: $1M divided among the first 20,000 NFT minters on Base (each potentially receiving $50 USDC if funds are released) and $1M earmarked for verified charities with promised onchain donation receipts.
The campaign asks participants to mint an NFT, tag MEXC or its COO on social media with #FreeTheWhiteWhale, and update profile images to the provided artwork. The trader claims these actions will increase public pressure on the exchange to act.
Source: The White Whale
Why does the trader claim market makers are involved?
The trader asserts the freeze resulted from outperforming MEXC’s external market makers, suggesting exchanges may restrict accounts that consistently beat partnered liquidity providers. Market makers provide liquidity by offering buy and sell orders, and the trader alleges being disproportionately profitable triggered the freeze.
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Independent research referenced in reporting — credited to Acheron Trading — found that 78.5% of new token launches between April and June 2024 disrupted fair price discovery, while 69.9% of listings were classified as “Parasitic,” indicating possible prelisting exploitation by market makers.
What should affected users do if an exchange freezes their account?
Front-load records and escalate: immediately document account activity, save screenshots of the freeze, confirm KYC and correspondence, open a formal support ticket, and request a written explanation and timeline. If unresolved, escalate to compliance and seek legal advice.
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Frequently Asked Questions
How long can an exchange legally freeze funds?
Exchange freeze durations depend on terms of service, local regulations, and the nature of the inquiry. Some platforms permit extended reviews for compliance; affected users should request formal timelines and regulatory citations from the exchange.
Can social campaigns force an exchange to release funds?
Public pressure can influence outcomes by raising reputational risk, but it does not replace documented legal or regulatory remedies. Campaigns may speed transparency but should be paired with formal evidence preservation and legal consultation.
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Key Takeaways
MEXC frozen funds alleged: A trader claims $3.1M was frozen and a one-year review was requested without charges.
$2M White Whale campaign: The bounty splits between NFT holders and charities, conditioned on fund release.
Practical steps: Document evidence, confirm KYC, file formal support requests, escalate to compliance, and seek counsel if needed.
Conclusion
This report outlines claims that MEXC froze $3.1M of a trader’s assets and the White Whale’s $2M social campaign seeking release and transparency. The situation highlights concerns around exchange account freezes, market maker dynamics, and user recourse. COINOTAG will monitor developments and report verified updates as they become available.
