The Day MEXC Faced Its Biggest Loss Ever

The Day MEXC Faced Its Biggest Loss Ever

Press Releases
December 26, 2023 by Diana Ambolis
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On December 19, the creator of Grimace engineered a massive financial win for their followers. This became possible when MEXC, a trading platform, added Grimace to its futures market without the community’s nod, resulting in a substantial loss for the exchange.   Breaking Down the Conflict: A Straightforward Summary In the early months of 2023,
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On December 19, the creator of Grimace engineered a massive financial win for their followers. This became possible when MEXC, a trading platform, added Grimace to its futures market without the community’s nod, resulting in a substantial loss for the exchange.

 

Breaking Down the Conflict: A Straightforward Summary

In the early months of 2023, Grimace made a splash in the crypto world. Early supporters didn’t just see their investments grow; they also took part in charitable activities. The community was alive with street giveaways and high-stake tournaments, offering big rewards.

 

Grimace started trading on MEXC on June 12, 2023. At first, the community welcomed the platform for its competitive fees. However, the atmosphere changed in October when MEXC added Grimace to futures without community consent, a move that went against the team’s vision.

 

Efforts to peacefully resolve the issue fell through. Odysseus, a key community figure, then advised everyone to transfer their tokens from MEXC to BitGet. This move drastically reduced MEXC’s trading volume for Grimace, slashing the exchange’s share of tokens from 40% to 1.5%.

 

With no significant response from MEXC, Odysseus issued a warning. He guided the community to set up strategic trades on Grimace futures. The idea was to drop the price to trigger these trades and then quickly push it up, a strategy feasible due to the quiet trading environment.

 

MEXC’s system, usually making money from price differences, ended up losing money in this maneuver to the Grimace community’s advantage.

 

This episode cost the exchange hundreds of thousands of dollars. MEXC did reach out to Grimace’s creators afterward but continued to list the token on futures, inviting further issues. The most severe blow was yet to come.

 

December 19 – Grimace Secures a Decisive Win

On this day, Odysseus announced an upcoming live stream on the INV TRADING channel, planning for a more substantial effect. He arranged to buy trades at lower prices and then dramatically raise the price to $358 per coin. This move led to significant profits for those who followed the strategy.

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At the same time, the regular market price escalated to $852. Overwhelmed and underfunded, MEXC’s system couldn’t match this surge, benefiting Odysseus’s followers and INV TRADING.

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Shortly thereafter, the platform had difficulties displaying extremely high profit percentages.

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One hour later, MEXC announced it would delist Grimace, giving users less than two days to act — much shorter than the usual notice period.

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This marked a clear victory for Grimace. The crypto community was abuzz with the outcome, closely following the unfolding events through their active online presence: https://twitter.com/GrimaceOdysseus.