MEXC vs. Grimace: The Exchange’s Costly Mistake

On December 19, the mastermind behind Grimace set up a live event that ended up making his followers millions of dollars richer. This happened because MEXC, a trading platform, added the token to their futures market without getting a green light from the community.

The Whole Story: Breaking Down the Battle

In early 2023, a new player in the crypto world, Grimace, made a big entrance and quickly became a hit. This project didn’t just make early investors wealthy; they also gave a lot to good causes. They were seen giving out money in public and hosting big cash prize competitions in various games like poker, chess, and even rap battles.

Grimace first popped up on the MEXC exchange on June 12, 2023. Users initially liked the platform for its low fees. However, the mood changed in October when MEXC listed Grimace on its futures market without community approval. This move wasn’t in line with what the Grimace team envisioned and seemed like an overreach from the exchange.

After failing to resolve the issue through discussion, Odysseus, a prominent figure in the Grimace community, advised everyone to move their tokens from MEXC to BitGet. This drastically emptied MEXC’s trading volume, with their share of Grimace tokens tumbling from 40% to just 1.5%.

MEXC didn’t really respond, prompting Odysseus to lay out a plan. He recommended setting up specific trades on Grimace futures, aiming to drop the price from $45-46 to below $40. He then made this happen and quickly raised the price to $90. This maneuver was feasible because the regular market wasn’t very active.

MEXC’s bot, designed to make money from price differences, ended up losing all its funds, benefiting the Grimace community instead.

This episode cost the exchange several hundred thousand dollars. In response, MEXC’s top brass reached out to Grimace’s creators. But, they didn’t stop listing Grimace on the futures, leading to more aggressive tactics and a decisive confrontation later on.

December 19th – A Clear Win for the Grimace Community

That evening, Odysseus announced a live stream on the INV TRADING channel.

He planned an even bigger New Year’s miracle, aiming to substantially enrich his viewers, all at the expense of the exchange.

He arranged for trades between $35-45 and then dramatically increased the price to $358 per token. This strategy brought significant profits to his viewers, especially those who used leverage.

Simultaneously, the regular market price jumped to $852. MEXC’s bot couldn’t cope due to a shortage of funds, allowing Odysseus’s viewers and INV TRADING to take full advantage.

Before long, even the trading platform struggled to display the enormous profit percentages accurately.

Just an hour later, an announcement about Grimace’s delisting came out. Typically, such notices are given well in advance, but this time, traders had less than two days to finalize their positions.

This event marked an undeniable victory for Grimace. We’ll keep watching and reporting on what happens next with this highly dynamic crypto community: https://twitter.com/GrimaceOdysseus.