GoPlus Security's GPS Token is Still Down by 12% Even After a 25% Jump

The situation changed when Binance announced suspicious trading activity connected to GoPlus Security's GPS token.

GoPlus Security's (GPS) token price has still not recovered despite a 25% spike following Binance's listing and Airdrop announcement. The situation has sparked controversy as the market maker's actions and Binance's response raise concerns.

GoPlus Security (GPS) token price is still down by 12% despite a 25% bullish spike after Binance's listing and Airdrop announcement.

The situation unfolded when Binance announced suspicious trading activity connected to GoPlus Security's GPS token. Binance's probe identified a market maker working with both GPS and MyShell (SHELL) tokens, accused of dumping large amounts to make a profit without buying back in.

Binance to Return Confiscated Funds to GPS Users

As a result of these findings, Binance banned the market maker responsible and took their illicit profits. The major exchange also promises to compensate affected users.

In an official blog post on March 9, Binance assured users that funds would be given back through a future compensation plan by the involved projects.

Industry figures, like Bitget CEO Gracy Chen, shared their views, strongly criticizing manipulative practices. Chen stated that "crypto market strength relies on integrity, not short-term gains."

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Bitget CEO Slams Crypto Manipulation: ‘Integrity Is Key!’

Chen's response also highlights Bitget's "zero-tolerance policy" against this kind of behavior. Projects that offer free tokens for listing are instantly turned down at Bitget. This approach is applied to ensure fairness and transparency.

“Without it, we risk building a market based on manipulation, quick wins, and short-term gains, ultimately damaging the industry's long-term prospects. We should be aiming for a space where fairness, transparency, and growth can thrive together,” Chen wrote on X.

Her comments come at a time when there's been a backlash against blatant market manipulation.

The Bitget CEO further highlighted the importance of integrity in the crypto market.

According to Chen, manipulation and short-term gains will eventually harm the industry's long-term growth. Instead, she promoted a market built on fairness, transparency, and sustainable growth.

Ethical Teams, Sustainable Growth Are Vital in Crypto

Chen's response aligns with former Binance CEO CZ's philosophy that "Big money is built slowly with stamina." This is relevant in the current crypto world, where projects without solid foundations often struggle or fail.

CZ, in the March 9 post, emphasized the vital role of ethical teams in driving sustainable development, especially during challenging periods.

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While Binance's swift action provides some relief for GPS traders, the episode underscores the urgent need for more transparency and fairer trading practices in the crypto space.

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