Limitless suddenly launched the LMTS Token without prior notice, leaving the community stunned. Just hours later, the team was discovered selling millions of dollars worth of Token.
Limitless CEO argues with users, community accuses project of Dump Token after stealing launch
Limitless steal launch Token LMTS
- On the evening of October 22, the prediction market project Limitless posted a tweet that attracted attention with the content: "Should we TGE today?". The unexpected tweet initially made the community think that this was just an internal joke, because the project had never specifically announced the Token launch date.
Shall we TGE today?
— Limitless (@trylimitless) October 22, 2025
- In response to the heated reaction, Limitless' CEO also commented: "Who gave you permission to do that?" , making many people believe that this was just a fun juggling act to create a viral effect on social networks. Many investors believe that Limitless is "trolling" the community, and does not really intend to TGE on October 22.
- The "joke turned real" happened just an hour later, when Limitless's X account suddenly posted an announcement that the LMTS Token had officially launched, calling on users to trade LMTS right on Aerodrome.
$LMTS IS OFFICIALLY LIVE!
— Limitless (@trylimitless) October 22, 2025
Prediction markets are taking over the world, and Limitless is your way in.
Buy LMTS on @AerodromeFi → https://t.co/1t9SviExHq
CA: 0x9EadbE35F3Ee3bF3e28180070C429298a1b02F93 pic.twitter.com/7FtKPwIzx5
- This information surprised the community, because Limitless had never previously announced any specific plans for the TGE event, other than revealing preliminary tokenomics. Such a sudden Token launch made many people feel "tricked", especially investors who had participated in the presale on the Kaito platform.
- Many opinions say that Limitless's way of doing things shows a lack of transparency and respect for the community, causing the initial impression of the project to gradually become negative even though TGE was Capital a milestone that many people expected.
Limitless team was discovered Dump Token, CEO argued with the community
- According to data from DEXScreener, as soon as it was launched, the price of Limitless (LMTS) Token quickly skyrocketed to $0.78, bringing the market Capital to $160 million, with FDV exceeding $600 million.
LMTS 1h chart, screenshot on DEX Screener at 01:58 PM on 10/23/2025
- However, the price of LMTS plummeted more than 75% immediately after, falling to $0.21, leaving many people confused. The sharp drop in price right after a stealth launch made many people start to question the reason behind this sharp drop.
- Not long after that, the account @0x_ultra on social network X discovered that the Limitless development team had been twapping out, gradually selling Token through the wallet address 0xB3...1d1. According to @0x_ultra, just one hour after LMTS was listed on the exchange, the development team earned more than 1.5 million USD in profit, raising doubts about the development team's move to Dump Token right in the early stages of the project.
uhm is the team twapping out or wtf is happening?
— ultra (@0x_ultra) October 22, 2025
0xBF3132977d9801506deF8E927c4Ff06E5b0801d1 pic.twitter.com/sl6d03VrPF
- KOL @RuneCrypto_ described the chain of actions that left investors "speechless":
“The Limitless team just transferred 5 million LMTS to a new wallet, then sold it all in a few hours for about $2.3 million profit. When the price rebounded slightly, many thought the Dump was over. But no, they transferred another 10 million Token and immediately continued to sell.”
it's actually so crazy, $LMTS
— RUNΞ (@RuneCrypto_) October 22, 2025
> Limitless Team moved 5 million coins to a wallet
> finally finished dumping it all for 2.3m profit over the last few hours
> relief bounce, people think it's finally over
> nope, transfer in another 10 million tokens and immediately continue the… pic.twitter.com/jonNfcQOpp
- Specifically, wallet address 0x3c5...01d7, identified as a wallet belonging to the Limitless project team, holding about 40 million LMTS, transferred a large portion of Token to wallet 0xBF...01d1 to sell on the market, earning about 1.4 million USD in a short time.
- Not stopping there, another wallet with address 0x3e...C77C is also suspected by the community to be related to the project team, after being discovered selling more than 1.2 million USD LMTS right in the Token deployment phase.
- This chain of transactions led many to believe that the Limitless team had deliberately “Dump ” early, deceived investors, and “taken profits” right after the TGE. As a result, a wave of fierce criticism quickly spread, causing confidence in the project to plummet within the first few hours after the Token was officially launched.
“Just bet against Limitless. I don't know where you guys get those odds from.”
- However, this challenging attitude has caused the wave of controversy to flare up even more strongly, when many people think that the Limitless team is disregarding investors instead of clarifying the transactions suspected of Dump Token , forcing CJ to speak up to explain the incident again.
tokens are a Longing term game. the onchain market making systems are working as intended. today we had a very successful stealth launch and managed to out run the snipers. the proceeds that you see inside 0xBF3132977d9801506deF8E927c4Ff06E5b0801d1 will be used for buybacks in…
— CJ / 晨杰 (@cjhtech)October 22, 2025
- He said that LMTS is a long-term project, and the on-chain market-making system is operating as planned. The money in wallet 0xBF...01d1 — the wallet suspected of being used to “Dump” Token — will actually be used to buy back when the price reaches reasonable levels, to stabilize the market after the Airdrop Token are distributed.
- He also explained that due to strong buying pressure even though it was not listed on the CEX exchange, the Token price skyrocketed beyond expectations, forcing the team to take steps to regulate liquidation, and reassured supporters that “everything is just beginning.”
- However, this explanation has not yet calmed the wave of criticism. Many investors believe that the action of "selling first and then saying it is buying back later" is unconvincing and increases suspicion that the team intentionally Dump internally right after the TGE.
- When questioned by a user that wallet 0x3eB8...C77C – created just 5 hours before LMTS launch – Dump more than 3 million Token and earned 1.2 million USD, and accused Limitless of being an unprofessional scam,
- CJ quickly responded, he affirmed that this was not the project team's wallet, but the wallet of a sniper bot, using the Banana Gun tool to automatically buy Token as soon as they were listed and then quickly resell them for profit. He also said that these types of wallets were the target that Limitless's on-chain market-making strategy was dealing with, as a way to imply that the project was completely "incorruptible".
- Many people quickly pointed out that this explanation was unconvincing, because Limitless stealthily launched the LMTS Token . In such a context, it was almost unreasonable for a sniper wallet to detect and dare to buy a large amount of Token immediately. This detail increased suspicions that the project team had arbitrarily Token Sale , leading to a wave of fierce criticism in the community.
- The climax of the incident broke out when KOL @RuneCrypto_ once again posted a harsh criticism of the Limitless team, claiming that the project sold 3 million USD worth of LMTS Token within the first few hours after its launch, which was discovered by the community through on-chain data, and then bought them back at a lower price, claiming it was an action to "deal with sniper bots".
1. Dump $3M of their own Token over the first few hours of LMTS launch
— RUNΞ (@RuneCrypto_) October 22, 2025
2. Get caught by users tracking onchain txs
3. Proceeds to start buying back at lower
4. Release comms that they are doing it to "out run the snipers"
5. Commits to use the funds to do buybacks
GLHF.… https://t.co/tkxKUNE3En
- Responding to the accusation, CJ CEO responded rudely, calling Rune incompetent and asserting that the suspected Ox3e...C77C wallet is actually a sniper wallet using Banana Gun.
- However, Rune immediately retorted that he did not mention the wallet that CJ mentioned, and pointed out that the wallet that CJ mentioned only bought 300,000 Token and sold them 1 minute later, which was not related to the "Dump of 3 million Token". Rune ended with a sarcasm: "I can't believe that a founder of a project with a 9-figure Capital doesn't understand what's going on."
- After this tense exchange, CJ remained silent and did not respond further, further fueling public opinion that the Limitless team did not have a convincing explanation for the accusations of Token dumping right after TGE.
Create your own onchain MM strategy definition
- After the heated argument with Rune, Limitless CEO CJ continued to show a defiant attitude when responding to many other users on social networks. He announced that he would buy back all the Token that people wanted to sell, even posting a series of provocative tweets:
“Go ahead and sell, I'll buy all of your $LMTS right now, at $0.30. Sell as much as you want, then disappear.”
- CJ then continued to post a long article, claiming that the Token Dump rumor was false and asserting that all information was transparent on-chain. He said that the 0xBF...1d1 wallet was not a Dump wallet but a liquidation that was operating a two-way on-chain market-making strategy (buying and selling within a certain price range). CJ also announced that the buyback fund had been activated, and affirmed:
“LMTS price has increased 3.5 times compared to the listing time, Kaito presale participants have made 5 times profit, Airdrop recipients have all made good profits. Everything is running smoothly, no technical errors. Don't believe the lies.”
ICYMI
— CJ / 晨杰 (@cjhtech)October 22, 2025
> the Token is trading at 3.5x the listing price
> Airdrop recipients made a very nice buck
> Kaito sale participants are up 5x at current price
> the team didn't sell. the onchain MM strategy is working as intended, trading within a range and ensuring two sides…
- However, CJ's justification was quickly refuted. on-chain users discovered that the buyback wallet mentioned by CJ actually sold more than 1.4 million USD worth of LMTS but only bought back about 180,000 USD.
Sell 1.4 million buy 180k pic.twitter.com/2J5PoLtgcE
— 🎱 (@aldea_trading) October 22, 2025
- Under pressure from public opinion, CJ continued to post a series of tweets to explain, claiming that the project had raised 17 million USD and could not have 'scammed' it to earn only 2 million USD, while blaming competitors, bad market makers and ignorant KOLs for deliberately spreading false information.
- He affirmed that Limitless's market-making strategy is still working as planned, liquidation is stable, and the price remains above 300 million USD FDV even though it has not been listed on CEX.
- However, many people were amused when CJ publicly criticized Wintermute 's CEO for his market-making methods , saying that this was an "extremely bold counterattack" against market makers who manipulated Token prices after each exchange listing.
Founder of limitless is like a one trick Draven main in League of Legend who increases tones of views on Twitch by flaming everyone, but is secretly a friend with everyone.
— aiz (@aizverse) October 22, 2025
Flaming Wintermute CEO about marketing making is diabolical. Well execution.
Lesson learned here. It works. pic.twitter.com/VLsNhLWTnm
- The controversy then continued to spread when @0xKDOT, an independent analyst, took a neutral stance, arguing that Limitless' strategy is “technically quite interesting,” as the team is actively accumulating funds to buy back Token after the Airdrop.
This is rather interesting, not taking a side if it's good or bad but it's just interesting.
— Kam (@0xKDOT) October 23, 2025
MMs are known for suppressing price, this is usually due to having a vested investment or wanting to accumulate ETC ETC. @trylimitless approach is kinda 'cool' imo, not that i know if… https://t.co/TsokTDT1qQ
- However, he also admitted that this behavior is still controversial in terms of ethics and legality, because although not much different from traditional market makers, the fact that the team sells and buys back Token themselves can easily make investors lose confidence - especially when everything is done completely secretly through a stealth launch.
From hero to zero
- Previously, CJ was praised by the community for daring to publicly announce the "demand" said to come from Binance, in which this exchange is said to have requested about 8% of the total supply of Limitless Token , along with a deposit in cash and Token to ensure the listing process.
- This information is shocking because Limitless Labs is a project backed by Coinbase Ventures and Base Ecosystem Fund, making the accusation against Binance even more sensitive. In just a short time, the incident has created a wave of great debate among investors and the crypto community.
- However, CJ's recent actions, including a series of challenging statements, controversies with the community and the way he handled the crisis surrounding the LMTS incident, have caused many people to change their views, believing that the image of a "straightforward person" that he once built is gradually being overshadowed by arrogance and lack of control.
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