Projects such as SHELL, GPS, and MOVE have conducted token buybacks in response to violations by market makers.

On-chain Data Analyst Yu Jin Reveals Token Repurchase Progress

On Wednesday, on the social media platform X, on-chain data analyst Yu Jin pointed out that the projects MyShell, GoPlus, and Movement, which were recently required to repurchase tokens due to violations by market makers, are currently in the process of repurchase.

According to a previous report by Zombit, the Binance exchange recently issued a notice regarding the market maker violations associated with Movement, revealing that the market maker conducted large-scale sell-offs after the listing of the MOVE token, while buy orders during the same period were minimal, significantly impacting market liquidity and price stability, resulting in illegal profits of up to $38 million. According to KOL Chen Jian, the institution is the same as the market makers MyShell and GoPlus, which were previously penalized by Binance, all of which are from the Shanghai-based Chinese team Web3port.

Binance stated that it has taken multiple measures to curb such violations and mitigate their impact on users, including freezing related profits and notifying relevant parties for subsequent processing.

The artificial intelligence platform MyShell indicated that the $8 million profit generated from the market maker’s illegal trading of SHELL has been frozen in the Binance account, and these assets will be fully utilized for the SHELL repurchase plan. According to Yu Jin, the MyShell team has already repurchased 21.95 million SHELL tokens (valued at approximately $5.96 million) from Binance since March 13.

Cybersecurity company GoPlus has allocated $4.34 million for its GPS token repurchase, and the company has just withdrawn the first batch of repurchased tokens, totaling 34.9 million (approximately $1.12 million). The GoPlus team stated that the repurchase process is ongoing, and all purchased tokens will be destroyed together after the repurchase is completed.

The repurchase fund for the Movement Network on the Move blockchain amounts to $38 million, and they have already repurchased 10 million MOVE tokens (approximately $5.44 million).

According to data from CinMarketCap, the price trends of SHELL, GPS, and MOVE are very similar, showing slight increases in the days following their listings, but subsequently experiencing significant declines. However, after these teams announced their repurchase plans, the prices of the three tokens saw a noticeable increase in a short period.