The crypto community witnessed a significant event on December 19 when the mastermind behind the Grimace Coin, identified as Odysseus (@GrimesOdysseus), orchestrated a strategic financial maneuver. This move enriched its followers and resulted in substantial losses for MEXC. Grimace, launched in the spring of 2023, quickly gained traction, rewarding early backers with substantial profits.
Grimace And MEXC: A Complicated Relationship
Grimace (website) is a decentralized meme coin that operates on the Doge blockchain. The community behind Grimace was known for its philanthropy, including charitable donations and organizing cash competitions in various games. The token first appeared on the MEXC exchange in June 2023, initially drawing users with low fees.
The relationship between Grimace and MEXC took a turn when the exchange listed Grimace on its futures market in October 2023 without the consent of the community. This action contradicted Grimace’s operational plan and was perceived as an overreach by the exchange. Attempts to resolve the issue through discussion failed, prompting Odysseus to call for a strategic withdrawal of Grimace tokens from MEXC to BitGet, significantly diminishing MEXC‘s share in Grimace trading.
Strategic Market Maneuver
Odysseus then executed a calculated trading strategy on Grimace futures. By first driving the price down and then suddenly increasing it, he was able to exploit the exchange’s bot, which typically profits from small price variations. This strategy resulted in the bot losing all its funds, which were then redirected to the Grimace community, causing a hefty financial blow to MEXC.
The December 19 Showdown
The climax of this financial saga occurred on December 19, when Odysseus live-streamed on the INV TRADING channel. 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. This move significantly benefited those using leverage, as the regular market price skyrocketed to $852.
MEXC‘s bot, already depleted of funds, failed to respond effectively, enabling further gains for the Grimace community.
The MEXC Crimes
Odysseus, who calls himself the Grimace Coin CEO in his X profile, has noted on X that MEXC has blocked the accounts of users as a result of the action. He calls this one of the many criminal offenses that MEXC would commit.
“blocking people’s accounts is one of the many crimes #MEXC keeps committing. recently, they tried to profit from my project and screw us over. little did they know that my army would show them vengeance ;)”
Odysseus on X (link to tweet)
Following these events, MEXC, which typically provides ample notice for ceasing trade in a token, abruptly announced the discontinuation of Grimace trading, giving users less than two days to react. This move marked a clear triumph for the Grimace project.
Share Information
If you have any information about Grimace or MEXC and their activities, please let us know via our whistleblowing system, Whistle42.
