Mystery Market Maker Behind GPS & SHELL Banned by Binance
Binance has taken decisive action against Goplus’ market makers Safety (GPS) and Myshell (Shell). The trading platform prohibits them from further activities on the exchange and takes all profits from their operations.
However, the identity of market makers remains a mystery, sparking widespread speculation in the cryptocurrency community.
Binance destroys market irregularities
Binance revealed in an official statement on March 9 that its investigation found Market Maker Related to GPS and Shell. As a result, the exchange announced the immediate termination of market makers’ activities in binary.
Binance has also confiscated the proceeds to compensate affected users. The respective projects will determine the detailed information of the compensation plan.
Binance reiterates that all authorized market makers must abide by strict principles. These include maintaining sufficient order size to ensure stability Bid-style communicationand avoid market manipulation through high-frequency trading. Exchange warns any violation It will result in serious penalties.
“Any market maker that does not comply with or violates such principles and rules, binance will take further action to best protect our users for such market maker,” Communications Express.
The lack of transparency in market makers’ identities leads people to which entities may be held accountable. However, some major industry players explicitly deny any participation. Animoca brandHe is a well-known blockchain project investor and absolutely denied that he is a market maker for GPS and Shell.
“In response to the inquiry, the Animoca brand wants to clarify that it does not participate in marketing activities of Goplus Security ($GPS) and/or Myshell ($Shell),” the company said. statement On X (Twitter).
Similarly, GSR, the leading cryptocurrency companyis far from the controversy. It also shows that while it is an investor and partner of Goplus, it is not engaged in the project’s quota activities.
“We can confirm that we are not the market maker quoted in Binance’s security statement regarding Goplus and remain committed to maintaining the highest standards of integrity and transparency with our customers,” the company said. Express.
Allegations and historical links
Amid speculation, industry insider AB Kuai dong raised a potential connection with May Liu, also known as Piaoopiao, and businesses she used to work in the cryptocurrency market. According to Kuy Dong, Liu is the founder of Shanghai Spark Digital Capital, which is said to be a company engaged in market outsourcing. Venture Capital (VC) Disguise.
As VC standards tighten in 2021-2022, Liu reportedly transitioned to Incubate Web3 projects via Web3Port. She also runs a marketing company called Whisper. Kuai Dong claims that this action, Provide liquidity List of services and promotion projects Binance Exchange.
“Whispers have become a specially packaged project in the industry and have been listed on Binance’s brokerage assembly line. Binance’s retail investors have also become long-term ATMs. The so-called one-year fast pass through Binance, in some way, they did it and did it for a long time,” he said. It is said that.
Although Kuai Dong’s claim has not been proven, they propose a broader trend that marketing companies operate in multiple forgers within the crypto ecosystem.
Another layer of conspiracy comes from Cryptorank data, which show GPS and Shell share a few average venture capitalists. Yzi Labs(It used to be Binance Labs), OKX Ventures and Hashkey Capital are all in it.
this overlapping There are speculations about the potential behind-the-scenes connection between the project and its market makers.
As the investigation continues, the key question remains: Who are the market makers behind GPS and Shell? The answer may be about transparency and Regulatory compliance In the crypto market.
Data display about coingecko GPS prices have dropped More than 7% have been reported since Monday’s meeting opened $0.03977 At the time of writing. Instead, the price of Shell tokens has risen almost 10% over the same time frame and is being sold $0.2973 At press time.
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