Binance has suspended a trader and confiscated his proceeds following an investigation which revealed the market maker had engaged in misconduct.
The largest global crypto exchange did not reveal the identity of its market maker, but stated that they were a liquidity provider to the GoPlus Security decentralized security layer (GPSMyShell is a project that combines the AI technology of MyShell with the consumer AI MyShell.SHELL).
Binance offboarded The market maker confiscated the proceeds “for the purpose of compensating users for GPS and SHELL.”
Last week, the native GoPlus Security token GPS plunged after it received a Binance listing. listing. In the last week, this asset’s value has fallen by more than 70%.
GoPlus Security swatted down There are rumors about a “GoPlus team member or community moderator” Binance’s listing was leaked in advance.
“GoPlus immediately launched an internal investigation. The investigation results show that this situation is not true. Because the GoPlus team weren’t informed in advance about the March 4th listing of GPS. Everything happened rapidly, and our team only learned about the listing when the public announcement was made, after which we immediately worked to cooperate with Binance to facilitate any additional requirements on our side.”
MyShell says It terminated its business relationship with a newly-banned market maker.
“All Binance accounts associated with the Market Maker have been suspended, and all remaining assets will be transferred to our new market makers. Furthermore, all stablecoins the Market Maker sells will be fully used to buy back SHELL within 90 days. To ensure full transparency, we will publish wallet addresses related to the buyback for the community to verify. Additionally, we are working closely with Binance to make this process public and transparent.”
MyShell’s SHELL token has fallen by over 28% during the past seven days.
Don’t Miss a Beat – Subscribe Get email notifications delivered straight to your Inbox
Check this out Price Action
Join us! X, Facebook You can also find out more about the following: Telegram
You can surf to your heart’s content The Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Before making high-risk investment in Bitcoin, cryptocurrency and digital assets investors must do due diligence. You are responsible for any losses that you might incur. The Daily Hodl neither advises the purchase or sale of digital assets or cryptocurrencies, nor does it act as an investment advisor. The Daily Hodl is an affiliate marketer.
Midjourney: Generated Image
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: dailyhodl.com
