High-Net-Worth Trader Accuses MEXC of Demanding In-Person Visit to Unfreeze $3.1M

A high-net-worth cryptocurrency trader, known under the pseudonym “White Whale,” has alleged that MEXC, a major crypto exchange, requested they travel to Malaysia to unfreeze $3.1 million in funds. According to screenshots shared by the trader, MEXC’s global head of customer service offered an “exclusive invitation” to meet in person for an “in-depth communication with the leadership team” regarding the frozen assets [1]. The trader noted that such an approach is uncommon for exchanges, which typically rely on digital verification methods like proof of address and identity documentation [1].

The White Whale claims to have already completed all required Know Your Customer (KYC) checks, including face verification, phone number, and home address verification, and highlighted that MEXC’s Terms of Service make no mention of in-person KYC requirements [1]. In response to the alleged invitation, the trader criticized MEXC for using coercive tactics and expressed concern over the safety risks of traveling to a foreign country to resolve the issue [1].

In an attempt to pressure MEXC into releasing the frozen funds, the trader launched a $2 million social media campaign. The campaign encouraged crypto traders to mint a free non-fungible token (NFT) on the Base network and tag MEXC or its chief operating officer’s X account with the hashtag “FreeTheWhiteWhale.” Participants will receive a $1 million USDC bounty, to be split among the first 20,000 NFT holders, if the funds are unfrozen [1].

MEXC has not directly addressed the specific claims about the invitation to Malaysia but stated that it “strictly adheres to risk management policies and does not freeze assets without valid reasons,” adding that such actions are typically in response to activities like price manipulation, wash trading, and fraudulent behavior [1]. This response aligns with the company’s March statement addressing similar allegations regarding the freezing of customer assets [1].

The White Whale is not the first MEXC user to report such issues. Another user, Pablo Ruiz, claimed in April that over $2 million in Tether (USDT) was frozen under a “risk control” protocol, with no prior explanation or opportunity to address the situation. Ruiz reported receiving automated responses from MEXC, including one stating, “Due to risk control activation, your account review will take 365 days. Contact us again on 04/17/2026” [1]. These incidents raise questions about the transparency and user experience of MEXC’s asset-freezing procedures.

Source: [1] Crypto trader claims MEXC asked them to fly to Malaysia to unfreeze $3.1M (https://cointelegraph.com/news/mexc-tells-trader-meet-in-person-recover-frozen-funds)