MEXC Frozen Funds Sparks $2M USDC Bounty Campaign
MEXC frozen funds refers to the reported freeze of $3.1M in a trader’s account. Since the MEXC frozen funds dispute emerged, the exchange has provided no formal update. A pseudonymous trader called the White Whale completed KYC, but MEXC delayed releasing funds for a year without explanation. In response, the trader launched a $2M USDC bounty and NFT campaign. The bounty splits $1M among the first 20,000 NFT minters on Base and $1M to verified charities with on-chain receipts. Participants must mint an NFT, tag MEXC or its COO with #FreeTheWhiteWhale, and update their profile image. The White Whale alleges MEXC froze his account for outperforming market makers, citing Acheron Trading research that 78.5% of new token listings disrupt price discovery. Affected users should document records, submit formal support tickets, and consider legal escalation. MEXC’s response remains unverified.
Neutral
This exchange freeze dispute may dent MEXC’s credibility and prompt caution among its users, but it does not directly affect the fundamentals of major cryptocurrencies. Similar past incidents, such as platform withdrawal halts, triggered localized platform risk concerns without significantly altering broader market trends. In the short term, MEXC might see reduced inflows and increased scrutiny. In the long term, traders typically redirect activity to other venues, leaving overall market stability largely intact.