The Great Earthquake in the Cryptocurrency World! Binance Punishes Greedy Market Makers!
The cryptocurrency world is stirring again! Binance has announced the ban of a greedy market maker who manipulated the prices of GPS and SHELL tokens, confiscating its illegal earnings of 5 million and permanently banning its trading. This action has led to a sharp drop in the prices of GPS and SHELL tokens, causing significant losses for retail investors.
Event Overview: The market maker sold off 70 million GPS tokens within 21 hours, cashing out approximately 5 million, resulting in a substantial decline in token prices. Binance took harsh measures, permanently delisting this market maker and confiscating its illegal earnings to compensate affected users.
Market Maker Unveiled: Market makers are originally intermediaries intended to maintain market liquidity, but some market makers collude with project parties to manipulate prices and harvest retail investors. Their common tactics include false liquidity, aggressive sell-offs, and joint manipulation.
Far-reaching Impact: This incident has caused heavy losses for users, and the collusion between project parties and market makers has triggered a collapse in token credit. Meanwhile, the U.S. SEC has begun to pay attention to the relationship between exchanges and market makers, and other small tokens may also fall into trouble due to the withdrawal of market makers.
A Long-Lasting Alarm: Retail investors should remain vigilant and not be deceived by superficial prosperity. The shady operations of market makers not only harm retail investors but may also trigger a crisis of trust and a regulatory storm.
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