Binance: Delisting market makers for misconduct in GPS and SHELL, and confiscating their related earnings

According to ChainCatcher's message and Binance's announcement, Binance discovered that a market maker (hereinafter referred to as "market maker") responsible for GoPlus Security (GPS) was also responsible for the market-making activities of the MyShell (SHELL) project during an investigation.

To better protect Binance users, Binance has taken the following additional measures against the misconduct of this market maker:

1. The market maker has been delisted and prohibited from conducting any further market-making activities on Binance;
2. The relevant earnings of the market maker have been confiscated and will be used to compensate users of the GPS and SHELL projects (the detailed compensation plan will be determined and announced by the relevant project teams).

ChainCatcher previously reported that, according to Binance's announcement, the recent abnormal price of GPS was directly caused by a certain market maker. The market maker sold approximately 70 million GPS from March 4, 2025, 13:00 (UTC) to March 5, 2025, 9:55 (UTC).

During the aforementioned period, the market maker did not place any buy orders. After spot trading began, the market maker continued to sell tokens, becoming the largest beneficiary, with profits of about 5 million USD. While Binance conducts an in-depth follow-up investigation into this matter, the market maker's account has been temporarily frozen.