Incident Timeline: -The problematic market maker (MM) illegitimately profited by selling tokens from partner projects -Binance flagged several affected projects for trading caution -MyShell received notification from Binance about suspicious activity on March 7th -Team took immediate action: Terminated relationship with the problematic MM Secured a new market making partner Froze all accounts of the former MM and confiscated profits
MyShell's Recovery Plan: MyShell has announced they will use funds equivalent to the MM's improperly gained profits for $SHELL buybacks within 90 days. The entire buyback process will be conducted transparently under Binance's supervision.
My Thoughts: The team has demonstrated impressive responsiveness and accountability by addressing this issue head-on. Rather than becoming a long-term negative, this event could actually turn into an opportunity for MyShell to showcase their integrity and commitment to token holders.
Their swift action to implement buybacks could potentially create positive price pressure in the coming months. This is how teams should handle crises - with transparency and decisive action! 👀
What do you think of their response? Are you watching $SHELL potential opportunities?
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.
