Crypto Trader Challenges MEXC's Demand for In-Person Meeting Over Frozen Funds

A prominent crypto trader, known as "White Whale," has raised concerns over a recent and unusual request from cryptocurrency exchange MEXC. The trader claims that MEXC’s customer service team suggested they travel to Malaysia for an "exclusive invitation" to meet with the leadership team to resolve the issue of over $3.1 million in frozen assets. This move has sparked widespread criticism and skepticism, as in-person verification is not a typical practice for crypto exchanges, which usually rely on digital KYC (Know Your Customer) procedures such as identity proofing, source of funds verification, and address confirmation [1].

According to the trader, MEXC also offered potential partnership opportunities and "trading perks" in exchange for cooperation. However, the trader rejected these overtures, calling the tactics coercive and raising safety concerns about traveling under such circumstances. The situation has intensified public scrutiny, especially as crypto-related kidnappings and scams have increased in frequency. The trader emphasized the risks of being taken to a foreign location under the guise of resolving an account issue with a platform they’ve publicly criticized [1].

MEXC has not denied the allegations but instead reiterated its adherence to strict risk management policies. A company spokesperson told Cointelegraph that the exchange “does not freeze assets without valid reasons” and may take action in cases involving price manipulation, wash trading, self-trading, and fraudulent activities. However, the spokesperson did not address the specific claim regarding the in-person meeting in Malaysia. The trader also pointed out that all standard KYC steps had already been completed, including face verification and phone number confirmation, and that in-person verification was never mentioned in MEXC’s terms of service [1].

To escalate the matter, the trader initiated a social media pressure campaign offering a $2 million USDC bounty to be split among the first 20,000 holders of a free NFT on the Base network. The campaign requires participants to tag MEXC or its chief operating officer on X with the hashtag “FreeTheWhiteWhale.” This approach is similar to past efforts by crypto activists to influence exchanges in response to frozen funds or account suspensions. The trader’s strategy highlights the growing power of community-driven campaigns in the crypto space and the increasing pressure on exchanges to be more transparent in their asset management practices [1].

White Whale is not the only user to voice complaints about MEXC. In April 2025, another user, Pablo Ruiz, reported having over $2 million in Tether (USDT) frozen without prior notice or explanation. Ruiz received automated responses, including one that stated the account review would last 365 days. These incidents suggest a pattern of customer dissatisfaction with MEXC’s handling of frozen assets and its communication strategies, further fueling calls for greater regulatory clarity and operational transparency in the crypto industry [1].

Source: [1] Crypto trader claims MEXC asked them to fly to Malaysia (https://cointelegraph.com/news/mexc-tells-trader-meet-in-person-recover-frozen-funds)