Press Release

MEXC’s Downfall: A Tale of an Unauthorized Listing and Lost Millions

On December 19, the mastermind behind Grimace orchestrated a massive event, turning his followers into millionaires in a blink. This event was all due to MEXC, an exchange that listed Grimace on its futures market without the community’s consent, sparking a significant outcry.

The story begins in early 2023 when Grimace emerged as a major player in the crypto world. It didn’t just grow in popularity; it created a wave of wealth for its early backers, many of whom were philanthropically inclined. The community was vibrant, with cash being distributed freely and large tournaments in games offering substantial cash prizes.

Grimace’s listing on MEXC on June 12, 2023, was initially well-received due to the exchange’s low fees. However, the atmosphere soured in October when MEXC unilaterally decided to list Grimace on its futures market. This move was widely viewed as underhanded and certainly not aligned with Grimace’s community-driven ethos.

Attempts to resolve the matter amicably fell through. Odysseus, a key figure in the community, then called for a mass withdrawal of tokens from MEXC, transferring them to BitGet instead. This action effectively drained MEXC’s trading volume, with the platform’s share of tokens nose-diving from 40% to a mere 1.5%.

MEXC’s non-response prompted Odysseus to issue a firm warning. He guided the community to set specific trades on Grimace futures, intending to first lower the price to trigger these trades and then rapidly escalate it. This tactic was relatively cost-effective due to the sluggish activity in the regular market.

During this maneuver, MEXC’s automated trading system, typically a profit-maker from price disparities, found itself completely drained of funds, benefiting the Grimace community instead.

The aftermath saw the exchange down by hundreds of thousands of dollars. Post-incident, MEXC’s leadership hurriedly reached out to Grimace’s creators. Nonetheless, the absence of delisting from the futures market led to a series of similar moves. The most devastating blow, however, was still to come.

December 19 – A Resounding Triumph for Grimace

That evening, Odysseus revealed plans for a significant live event on the INV TRADING channel. He was set to enact a large-scale New Year’s miracle, aiming to enrich his viewers significantly at the expense of the exchange. By setting up trades at lower prices and then dramatically inflating the price to $358 per coin, he orchestrated a tenfold increase. This move, especially with the leverage applied, resulted in colossal profits for the followers.

Simultaneously, the regular market saw the price leap to $852. Overwhelmed and underfunded, MEXC’s automated system couldn’t maintain pace, leaving Odysseus’s followers and INV TRADING to reap the substantial benefits.

Eventually, the platform itself struggled to display the staggering profit percentages accurately.

In a swift response, MEXC announced the delisting of Grimace. Typically, such announcements come with ample notice, but in this instance, users were given less than two days to adjust, a testament to the urgency and severity of the situation.

This event didn’t just mark a financial victory for Grimace; it was a symbolic win, showcasing the power and unity of the community. As we continue to observe this dynamic and ever-evolving crypto community, the world watches with keen interest:

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