On March 9, COINOTAG News reported that Binance has conducted an investigation revealing that a specific market maker for GoPlus Security (GPS) also engaged in market-making for the MyShell (SHELL) initiative. In response to this troubling behavior, Binance has implemented stringent measures to safeguard its users. The market maker in question has been delisted from the platform, effectively halting any future market-making activities. Additionally, Binance has seized the market maker’s earnings, which will be allocated to assist users affected by the issues related to GPS and SHELL. Specific compensation strategies are currently under review by the respective project teams, with announcements forthcoming. Previously, Binance disclosed that this market maker had operated under dubious conditions, selling 70 million GPS tokens without making purchases, resulting in a profit of $5 million.
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