GPS Token Manipulation: Binance Bans Market Maker, Refunds Users
- GoPlus Security’s GPS token plunged 60% after an initial 25% surge post-Binance listing
- Binance banned the market maker responsible for manipulation of GPS and SHELL tokens
- Exchange confiscated illicit gains and will compensate affected users
GoPlus Security’s GPS token is still down by 12% even after a 25% jump following Binance’s listing and Airdrop announcement. Right after the listing and airdrop caused a bullish spike, a sharp reversal sent GPS plunging 60%, setting off controversy. The wild price swings raised red flags about market manipulation, leading Binance to launch an investigation.
The situation changed when Binance announced suspicious trading activity connected to GoPlus Security’s GPS token. Binance’s probe identified a market maker working with both GPS and MyShell (SHELL) tokens, accused of dumping large amounts to make a profit without buying back in.
Binance to Return Confiscated Funds to GPS Users
Because of these findings, Binance banned the market maker responsible and took their illicit profits, promising to compensate affected users. In an official blog post on March 9, the major exchange assured users that fu…
The post GPS Token Manipulation: Binance Bans Market Maker, Refunds Users appeared first on Coin Edition.
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GPS Token Manipulation: Binance Bans Market Maker, Refunds Users
- GoPlus Security’s GPS token plunged 60% after an initial 25% surge post-Binance listing
- Binance banned the market maker responsible for manipulation of GPS and SHELL tokens
- Exchange confiscated illicit gains and will compensate affected users
GoPlus Security’s GPS token is still down by 12% even after a 25% jump following Binance’s listing and Airdrop announcement. Right after the listing and airdrop caused a bullish spike, a sharp reversal sent GPS plunging 60%, setting off controversy. The wild price swings raised red flags about market manipulation, leading Binance to launch an investigation.
The situation changed when Binance announced suspicious trading activity connected to GoPlus Security’s GPS token. Binance’s probe identified a market maker working with both GPS and MyShell (SHELL) tokens, accused of dumping large amounts to make a profit without buying back in.
Binance to Return Confiscated Funds to GPS Users
Because of these findings, Binance banned the market maker responsible and took their illicit profits, promising to compensate affected users. In an official blog post on March 9, the major exchange assured users that fu…
The post GPS Token Manipulation: Binance Bans Market Maker, Refunds Users appeared first on Coin Edition.
Read More
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