On March 7th, COINOTAG News reported that Binance has enhanced its monitoring practices to include the GPS token. This initiative follows an alarming discovery: the price of GPS decreased sharply following its listing on the exchange. Notably, one market maker displayed irregular trading patterns, liquidating around 70 million GPS tokens in a span from 13:00 UTC on March 4, 2025, to 9:55 UTC on March 5, 2025, without initiating any buy orders. The market maker persisted in offloading tokens post-listing, leading to a substantial profit of approximately $5 million. In light of these events, Binance is conducting a detailed investigation to ascertain the circumstances surrounding the abnormal trading activity. Consequently, the account linked to the market maker has been temporarily suspended as part of the risk management protocol.
Timely, reliable coverage of breaking news, insights, and analyses on Bitcoin and cryptocurrencies since 2018.
Disclaimer: The information provided on COINOTAG NEWS is for informational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a financial advisor before making any investment decisions.
© COINOTAG News 2024