The largest short seller betting against CXMT closed their entire position 10 hours before the token's listing, realizing a total loss of $10.98 million. The trader had opened the short at $6.5 one day prior to listing but was forced to exit at $8.5 after holding for two months as prices remained resilient. The accumulated losses included $5.18 million paid in funding fees and $5.8 million from adverse price movement. The whale's attempt to profit from an anticipated pre-listing decline failed as CXMT maintained strong price support throughout the holding period.