Crypto exchange MEXC is under fire after an anonymous trader, known online as The White Whale, claimed the platform froze more than $3.1 million of his funds without warning or explanation.

According to posts shared on X, The White Whale said his account was locked in July 2025, despite completing all KYC requirements. The reason given by MEXC? His account is now under “risk control analysis”, a review process that could last up to one year.

The trader insists he did nothing wrong. He described his trading profits as clean, legitimate, and skill-based, adding that the only plausible reason for the freeze was that he was “too profitable.” In his own words: “I consistently beat their external market makers. That’s the only explanation that makes sense.”

In an attempt to pressure the exchange, The White Whale has launched a $2 million social media campaign. Half of that bounty will be awarded to anyone who can help him recover access to his frozen funds. Screenshots shared online even show MEXC inviting him to conduct in-person KYC in Malaysia via email and Telegram.

His case appears to be far from isolated. Several other traders have reported similar experiences, often involving frozen balances worth millions of dollars. Many in the crypto community suspect MEXC may be targeting highly profitable accounts to protect its partnered market makers.

The controversy also comes at a time when MEXC is facing regulatory pushback. The exchange is currently banned in the Philippines after failing to obtain the proper crypto licenses, raising further questions about its global compliance standards.

For now, the $3.1 million remains locked, and the trader’s bounty campaign is gaining traction online — sparking wider debates on whether centralized exchanges can unilaterally punish their most successful users.