A Crypto Drama Unfolds
A real-life drama is unfolding in the crypto world. A pseudonymous trader known as the “White Whale” has upped his social media “bounty” to $2.5 million, demanding attention after MEXC allegedly froze his $3 million worth of funds without breach, and dared him to fly to Malaysia to prove his identity in person (source).
From $2M to $2.5M Bounty
Initially, he launched a $2 million pressure campaign in July, accusing the exchange of initiating a one-year review process without justification. That bounty has since swelled by $500,000:
- $250,000 is earmarked for campaign contributors who mint a free Base-network NFT and tag MEXC or its COO with the hashtag #FreeTheWhiteWhale.
- Another $250,000 will go to verified charities.
The White Whale’s Blunt Words
Melodramatic as it sounds, the White Whale is blunt:
“We need to remind them: The minnows are becoming sharks—yes, even whales.”
He slammed the in-person KYC request as “not in the rulebook,” asserting:
“I’m not a dog to come when summoned.”
MEXC’s Defense
MEXC, for its part, defended the freeze—calling the account “high-risk,” subject to the exchange’s standard, year-long review protocol. They insist the restrictions are risk-based, not punitive.
Also Read: UAE holds $700M in mined Bitcoin, ranking 6th among nations
Wider Industry Frustration
Several traders echo the frustration. One trader, Pablo Ruiz, told media his $2 million account has been frozen with no clarity for months—an unsettling trend in centralized crypto exchange practices (learn more).
The Bigger Question
This escalating saga invites one headline question:
When crypto mistakes go viral, will institutions bend—or bankrupt respect?
