GoPlus Security’s GPS token is down 12% despite a 25% surge following Binance’s listing and Airdrop announcement. After the brief bullish spike, a 60% crash raised suspicions of market manipulation, prompting Binance to investigate.
Binance to Return Confiscated Funds to GPS Users
In the course of its investigation, Binance uncovered a market maker involved with GPS and MyShell (SHELL) tokens, who was accused of selling large quantities to profit, leading to their ban and confiscation of illicit profits. The exchange promised to compensate affected users in a future plan.
Industry leaders reacted strongly. Bitget CEO Gracy Chen condemned manipulative practices, emphasizing, “Integrity is the base of a strong crypto market.” She reiterated Bitget’s zero-tolerance policy against such behaviors, showcasing a commitment to fairness and transparency.
Ethical Teams, Sustainable Growth Are Vital in Crypto
Chen reiterated that a manipulative market poses long-term risks, advocating for fairness and sustainable growth instead. Former Binance CEO CZ supported this stance, stressing that ethical teams are crucial for sustainable development in the crypto industry.
While Binance’s response provides temporary reassurance for GPS traders, it highlights the ongoing need for transparency and fairness in the crypto market.
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