Web3 security firm GoPlus Security has launched an investigation into the sharp decline of its GPS token, which lost more than 65% of its value within a day of being listed on Binance. The company claims it was unaware of the listing in advance and has denied allegations of insider dumping.
In an X thread posted on March 7, the GoPlus Security team clarified that it only learned about the listing when Binance officially announced it on March 4. The firm is now working closely with the exchange to understand the factors behind the drastic price drop.
“Everything happened rapidly, and our team only learned about the listing when the public announcement was made, after which we immediately worked to cooperate with Binance to facilitate any additional requirements on our side,”
the company’s statement read.
GPS debuted with a circulating supply of approximately 1.81 billion tokens, or 18.1% of its total supply. GoPlus Security disclosed that it had transferred 500 million GPS tokens to Binance on the day of the listing. Out of this amount, 300 million tokens were distributed as part of Binance’s BNB HODLer program, rewarding users who subscribed their BNB to Simple Earn and On-Chain Yields products between February 19 and February 24, 2025, while the remaining 200 million are set aside for future marketing initiatives.
The sudden price collapse prompted Binance to take additional measures, extending its monitoring tag to GPS. The exchange cited both the significant price drop post-listing and market-making activities involving one of GPS’ market makers as reasons for this decision.
GoPlus Security reaffirmed its commitment to transparency and assured the public it is actively investigating the matter alongside Binance. The firm promised to provide updates as more details emerge. As of the latest available data, GPS is trading at $0.061.
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