Grimace Community's Big Win: MEXC's Multimillion-Dollar Handover
On December 19, Grimace's creator orchestrated what looked like a New Year's miracle, making millions for their followers. This huge giveaway happened because MEXC, an exchange, listed the token on futures without asking the community, footing the bill for the whole event
Understanding the Conflict: The Story from the Start
In early 2023, a new crypto project called Grimace hit the scene and quickly became a big hit, making a lot of money for the people who got in early. These people weren't just making money; they were also giving back through charity. There were giveaways on the streets and big-money competitions in games and rap battles.
Grimace first appeared on MEXC on June 12, 2023. Users initially liked the exchange for its low fees. But in October, MEXC listed Grimace on futures without the community's okay. This move was seen as unfair and not what the Grimace team wanted.
Attempts to fix things peacefully didn't work out. So, Odysseus, a leader in the community, told everyone to move their tokens from MEXC to another platform, BitGet. This move nearly emptied MEXC's trading activity for Grimace. The exchange's share of tokens went down dramatically from 40% to just 1.5%.
MEXC didn't really respond, so Odysseus gave a serious warning. He set up a plan for the community to make certain trades on Grimace futures. The idea was to lower the price to activate these trades and then quickly raise it again. This plan worked well because there wasn't much other trading going on.
MEXC's system, designed to make money from price changes, ended up losing all its money during this event. This meant more money for the Grimace community.
This time, the exchange lost several hundred thousand dollars. After this, MEXC's leaders got in touch with Grimace's creators. But they didn't stop listing Grimace on futures, which led to more similar incidents. The most damaging attack on the exchange was still to come.
December 19 – Grimace's Big Win
Odysseus announced a special live stream for that night on the INV TRADING channel.
He planned to create an even bigger event this time, aiming to make more money for his followers using the exchange's funds. He arranged trades at lower prices and then boosted the price significantly, up to $358 per coin. This action led to huge profits, especially with added leverage.
Meanwhile, the regular market saw the price shoot up to $852. MEXC's system couldn't match this rate due to not having enough money, leaving Odysseus's followers and INV TRADING to benefit.
Soon, the platform struggled to show the incredibly high profit percentages.
Just an hour later, MEXC announced it would remove Grimace from trading. Usually, they give a week or a month's notice, but this time, users had less than two days to react.
This marked a decisive victory for Grimace. We're keeping an eye on this very active crypto community: https://twitter.com/GrimaceOdysseus.
On December 19, Grimace's creator orchestrated what looked like a New Year's miracle, making millions for their followers. This huge giveaway happened because MEXC, an exchange, listed the token on futures without asking the community, footing the bill for the whole event.
Understanding the Conflict: The Story from the Start
In early 2023, a new crypto project called Grimace hit the scene and quickly became a big hit, making a lot of money for the people who got in early. These people weren't just making money; they were also giving back through charity. There were giveaways on the streets and big-money competitions in games and rap battles.
Grimace first appeared on MEXC on June 12, 2023. Users initially liked the exchange for its low fees. But in October, MEXC listed Grimace on futures without the community's okay. This move was seen as unfair and not what the Grimace team wanted.
Attempts to fix things peacefully didn't work out. So, Odysseus, a leader in the community, told everyone to move their tokens from MEXC to another platform, BitGet. This move nearly emptied MEXC's trading activity for Grimace. The exchange's share of tokens went down dramatically from 40% to just 1.5%.
MEXC didn't really respond, so Odysseus gave a serious warning. He set up a plan for the community to make certain trades on Grimace futures. The idea was to lower the price to activate these trades and then quickly raise it again. This plan worked well because there wasn't much other trading going on.
MEXC's system, designed to make money from price changes, ended up losing all its money during this event. This meant more money for the Grimace community.
This time, the exchange lost several hundred thousand dollars. After this, MEXC's leaders got in touch with Grimace's creators. But they didn't stop listing Grimace on futures, which led to more similar incidents. The most damaging attack on the exchange was still to come.
December 19 – Grimace's Big Win
Odysseus announced a special live stream for that night on the INV TRADING channel.
He planned to create an even bigger event this time, aiming to make more money for his followers using the exchange's funds. He arranged trades at lower prices and then boosted the price significantly, up to $358 per coin. This action led to huge profits, especially with added leverage.
Meanwhile, the regular market saw the price shoot up to $852. MEXC's system couldn't match this rate due to not having enough money, leaving Odysseus's followers and INV TRADING to benefit.
Soon, the platform struggled to show the incredibly high profit percentages.
Just an hour later, MEXC announced it would remove Grimace from trading. Usually, they give a week or a month's notice, but this time, users had less than two days to react.
This marked a decisive victory for Grimace. We're keeping an eye on this very active crypto community: https://twitter.com/GrimaceOdysseus.