Binance confiscates proceeds from GPS and SHELL market maker due to misconduct

Crypto exchange Binance has stopped a market maker linked to GoPlus Security (GPS) from operating on its platform after discovering that the same market maker handled trades for MyShell (SHELL). According to an announcement on its website, the exchange has seized funds from this market maker and plans to use them to compensate users of GPS and SHELL. The market maker's misconduct led to Binance confiscating its proceeds, which will be used to compensate affected GPS and SHELL users. Details on the compensation plan will be announced later. Previously, Binance had suspended this market maker's GPS account for selling $5 million in tokens without buying any.