Binance Bans Mystery Market Maker for GPS and SHELL Over Misconduct

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In a dramatic twist worthy of a crypto soap opera, Binance has wielded its mighty banhammer against the elusive market maker of GoPlus Security (GPS) and MyShell (SHELL). The trading platform, in a fit of righteous indignation, has not only barred this shadowy figure from further escapades on the exchange but has also seized all profits from their dubious dealings. Talk about a financial exorcism! 💰👻

Yet, the identity of this market maker remains shrouded in mystery, igniting a wildfire of speculation among the cryptocurrency aficionados. Who could it be? A rogue trader? A misunderstood genius? Or perhaps just a cat with a penchant for high-frequency trading? 🐱💻

Binance’s Crackdown: A Tale of Market Irregularities

On the fateful day of March 9, Binance, in a statement that could rival a Shakespearean monologue, revealed that its investigation had unearthed misconduct by a market maker linked to GPS and SHELL. Thus, the exchange proclaimed the immediate termination of this market maker’s activities, as if they were casting out a villain from a grand play.

In a move that would make Robin Hood proud, Binance also confiscated the ill-gotten gains to compensate the affected users. The details of this compensation plan will be determined by the respective projects, leaving many to wonder if they’ll be receiving a shiny new token or just a heartfelt apology. 🤷‍♂️

Binance reiterated its unwavering commitment to maintaining order in the chaotic realm of crypto. All authorized market makers must adhere to a strict code of conduct, which includes maintaining a sufficient order size, ensuring a stable bid-ask spread, and avoiding the dark arts of market manipulation through high-frequency trading. The exchange warned that any transgressions would lead to severe penalties, perhaps even a lifetime ban from the crypto playground. ⚖️

“Any project-authorized market makers who do not comply with or breach such principles and rules, Binance will take further actions against such market makers to best protect our users,” the exchange articulated, sounding like a stern parent scolding a wayward child.

The veil of secrecy surrounding the market maker’s identity has led to rampant speculation. Some industry titans have vehemently denied any involvement. Animoca Brands, a prominent investor in blockchain projects, has categorically stated that it is not the market maker for GPS and SHELL. Because who wouldn’t want to clear their name in such a scandal? 🙈

A Web of Intrigue

Amidst the swirling rumors, industry insider AB Kuai Dong has suggested a tantalizing link to May Liu, also known as Piaopiao, and her past ventures in crypto market making. According to Kuai Dong, Liu was the founder of Spark Digital Capital in Shanghai, a firm allegedly engaged in market outsourcing under the guise of venture capital. Because who doesn’t love a good disguise? 🎭

As VC standards tightened in 2021-2022, Liu reportedly pivoted to incubating Web3 projects through Web3Port. She also ran a market-making firm called Whisper, which, according to Kuai Dong, provided liquidity services and facilitated project listings on the Binance exchange. Whisper, indeed, sounds like a name straight out of a mystery novel.

“Whisper has become a specially packaged project in the industry and has been listed on Binance’s brokerage assembly line. Binance’s retail investors have also become long-term ATMs. The so-called one-year quick pass through Binance, to some extent, they did it, and did it for a long time,” he alleged, as if

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2025-03-10 11:28