The most famous iteration, released around 2002, purportedly depicted a competition where men performed extreme acts of self-mutilation on their genitals for a prize.
If you grew up during the wild west era of the early 2000s internet, you likely remember the name. It sat alongside "2 Girls 1 Cup" and "Goatse" as a ultimate "litmus test" for online bravery. The BME Pain Olympics bme pain olympics video top