On December 19th, the creator of Grimace orchestrated a live event that led to his followers earning millions of dollars. This happened because MEXC, a trading platform, decided to list the token for futures trading without the community’s approval.
Understanding the Dispute: A Straightforward Recap
In early 2023, Grimace entered the crypto scene, quickly gaining attention and enriching its early supporters. These individuals also generously donated to various causes. They were known for their public money giveaways and hosting big cash prize events in games and competitions.
Grimace made its debut on MEXC on June 12, 2023. Users were initially attracted to the low fees. However, in October, the situation soured when MEXC listed Grimace on its futures market without consulting the community. This move diverged from the Grimace team’s plans and seemed like an unwelcome intervention by the exchange.
When peaceful negotiations failed, Odysseus, a prominent member of the Grimace community, advised everyone to move their tokens from MEXC to BitGet. This action drastically reduced MEXC’s trading volume, with their share of Grimace tokens plummeting from 40% to just 1.5%.
With no significant response from MEXC, Odysseus outlined a strategy. He suggested the community set specific trades on Grimace futures, aiming to lower the price from $45-46 to below $40. He then executed this plan and quickly inflated the price to $90. This tactic was viable because the usual market was not very active.
MEXC’s bot, which typically profits from small price variations, ended up losing all its liquidity in this scheme, which then went to the Grimace community.
The exchange lost several hundred thousand dollars from this event. Subsequently, MEXC’s management contacted the Grimace team. Despite this, they didn’t stop listing Grimace on futures, leading to further bold actions and a significant confrontation later.
December 19th – A Resounding Victory for the Grimace Community
That evening, Odysseus announced a live stream on the INV TRADING channel.
He aimed to create an even larger New Year’s miracle, planning to greatly increase his viewers’ wealth at the expense of the exchange.
He arranged trades between $35-45 and then significantly boosted the price to $358 per token. This action led to substantial gains for his viewers, particularly those who used leverage.
Simultaneously, the regular market price skyrocketed to $852. MEXC’s bot couldn’t handle this sudden rise due to insufficient funds, allowing Odysseus’s viewers and INV TRADING to capitalize.
Before long, even the trading platform had difficulty displaying the correct profit percentages due to the dramatic increase.
An hour after these events, a notice about delisting Grimace was released. Typically, such notices are provided well in advance, but in this case, traders had less than two days to sort out their positions.
This event marked an undeniable victory for Grimace. We’ll continue to monitor and report on the developments in this highly active crypto community: https://twitter.com/GrimaceOdysseus.
