MyShell Denies Web3Port Link Amid Crypto Turmoil, GPS Drops 10%

MyShell, a prominent cryptocurrency project, has issued a statement on the X platform to address rumors about its association with Web3Port. The team behind MyShell has explicitly stated that there is no affiliation or involvement between the MyShell team and Web3Port. This clarification comes at a time when the cryptocurrency industry is facing increased regulatory scrutiny and market volatility.

The recent turmoil involving GoPlus Security (GPS) and MyShell has brought to light significant issues within the crypto industry, including deep-seated interests and regulatory deficiencies. The market maker associated with GPS and MyShell has been banned by Binance, a leading cryptocurrency exchange, due to irregularities uncovered during an investigation. This action underscores Binance's commitment to maintaining market integrity and protecting its users from fraudulent activities.

The spotlight on GoPlus (GPS) and MyShell (SHELL) has intensified as their alleged market maker, linked to a firm named Whisper, has been exposed. The market maker's scheme has raised concerns about the transparency and legitimacy of certain crypto projects, prompting further scrutiny from regulatory bodies and industry stakeholders. The market maker's activities, which involved creating a selling window for their own free tokens under the guise of market making, have been described as a complete pipeline from fundraising to exit, with retail investors ultimately bearing the brunt of the losses.

On March 9, Binance took decisive action by blocking the market maker that served the GoPlus Security (GPS) and MyShell (SHELL) projects. This move was in response to irregularities discovered during an investigation, highlighting the exchange's proactive approach to addressing potential market manipulation and ensuring a fair trading environment for its users. The actions taken by Binance serve as a reminder of the importance of transparency and accountability in the cryptocurrency industry, as well as the need for robust regulatory frameworks to protect investors and maintain market integrity.