MyShell Addresses Binance Announcement and $SHELL Buyback Plan: Commitment to Transparency and AI Innovation

MyShell has issued an official response concerning the recent announcement from Binance regarding its $SHELL buyback initiative. On March 7, Binance notified MyShell about irregularities linked to one of its market makers. In swift action, MyShell ended its partnership with the market maker and is in the process of collaborating with new partners to guarantee stable liquidity moving forward. All Binance accounts tied to the former market maker have been suspended, with remaining assets being reassigned to MyShell’s new liquidity providers. Notably, the stablecoins that were sold by the market maker will finance the $SHELL buyback within a 90-day period. To foster transparency, MyShell will publish wallet addresses associated with the buyback campaign for community scrutiny. The MyShell team remains resilient amidst general market pressures, diligently pursuing the advancement of open-source AI models and enhancing their tokenomics strategy to facilitate AI-based development and innovation.