PRESS RELEASE. On December 19, Grimace's creator staged a New Year's miracle live, gifting his followers millions of dollars. The MEXC exchange funded this entire giveaway, as they went against Grimace's user base and listed the token on their futures market without approval.
The Start of It All: The Complete Story of the Dispute
In spring 2023, Grimace emerged as one of the year's standout crypto projects, quickly gaining fame and enriching its early backers, who were also actively donating to charity. Money was freely given away on the streets, and competitions in poker, chess, Dota 2, Counter-Strike, and even rap battles were held, each with prizes in the tens of thousands of dollars.
Grimace first appeared on MEXC on June 12, 2023. Initially, users appreciated the exchange for its low fees. However, the exchange listed the token on its futures market in October without coordinating with the community. This unauthorized move was a clear manipulation of the project and certainly not what the team intended.
Peaceful negotiations failed, leading Odysseus to urge users to withdraw their tokens from MEXC and move all liquidity to BitGet, leaving MEXC's order book virtually empty. The share of tokens on MEXC plummeted from 40% to just 1.5%.
The exchange's leaders didn't react, prompting a stern warning from Odysseus. He instructed the community to place limit orders for long positions at $45-46 on Grimace futures with stop orders below $40. He then dropped the price to trigger these limit orders and skyrocketed the price to $90. Since there was hardly any activity in the spot market, this price surge was relatively inexpensive to execute.
MEXC's arbitrage bot, usually profiting from price differences, lost all its funds during this event, which ended up in the hands of the Grimace community.
This time, the exchange lost only a few hundred thousand dollars. After the incident, MEXC's leaders immediately contacted Grimace's developers. Despite this, there was no delisting from the futures market, leading to several similar incidents. However, the decisive blow to the exchange came later.
December 19 – A Monumental Win for the Grimace Community
That evening, Odysseus announced a live stream on the INV TRADING channel.
He planned to create a New Year's miracle live, enriching his followers on a larger scale this time, all at the expense of the exchange.
He filled limit orders at $35-45 and then increased the price tenfold, up to $358 per coin. With added leverage, this gave his followers massive profits.
Meanwhile, in the spot market, the price soared to $852. MEXC's arbitrage bot couldn't keep up with such a drastic rate due to a lack of funds, allowing Odysseus's followers and INV TRADING to reap the benefits.
At one point, the platform itself struggled to display such high PNL percentages.
Just an hour after these events, a notice about delisting was issued. Typically, such notices are given a week or a month in advance, but in this case, users had less than two days to close their positions.
This event marked a definitive victory for Grimace. Continue to track the developments of the world's most active crypto community right now: https://twitter.com/GrimaceOdysseus.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Source: Bitcoin.com
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