When Your Token Takes a Dive: GoPlus Security’s Dramatic Day

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In a curious twist of fate, the esteemed Web3 security firm, GoPlus Security, found itself in a rather precarious situation. Their token, GPS, plummeted a staggering 60% in a single day, leaving the team scratching their heads and wondering if they had accidentally stepped into a tragicomedy. It appears they were blissfully unaware of their own listing on the Binance exchange, much like a man who discovers his wife has been planning a surprise party—only to find out it’s a funeral.

GoPlus Security, which prides itself on crafting the “first decentralized security layer,” is now investigating the sudden and dramatic fall of its native GPS token. The token, which lost over 65% of its value faster than a cat can knock a glass off a table, was listed on Binance without a whisper of warning. One can only imagine the GoPlus team, sipping their morning tea, when the news hit them like a cold bucket of water.

“Because the GoPlus team weren’t informed in advance about the March 4th listing of $GPS. 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…”

— GoPlus Security (@GoPlusSecurity) March 7, 2025

In a rather amusing thread on X, the firm vehemently denied any rumors of insider trading, claiming they were as surprised as a cat in a dog park when the listing occurred. They only learned of it when the public announcement was made, which must have felt like receiving a wedding invitation to a wedding you weren’t invited to. In light of the token’s value nosediving by more than half in just 24 hours, the firm has assembled an investigation team, presumably armed with magnifying glasses and a strong sense of bewilderment.

“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.”

GoPlus Security

The GPS token, designed to be a utility token, is meant to reward users for safeguarding the network. It’s akin to giving a dog a treat for not chewing on the furniture—noble in intention, but perhaps a bit misguided in execution.

In addition to launching their investigation, GoPlus Security revealed that on the fateful day of the listing, they transferred a whopping 500 million GPS tokens to Binance. Out of this, 300 million have already been distributed as rewards for Binance’s BNB HODLer program. The remaining 200 million tokens? Well, they’ll be used for future marketing efforts, because nothing says “trust us” like a sudden influx of tokens after a catastrophic drop.

In response to the price drop, Binance has decided to extend its monitoring tag to include GPS, citing “significant price drop immediately following the spot listing and certain market making behavior of one of GPS’ market makers.” It seems the market makers were having a bit too much fun at the expense of GoPlus Security.

GoPlus Security has assured the public that they are diligently investigating the issue with Binance and will provide updates as more information becomes available. As of the latest reports, GPS is trading at a mere $0.061, which is about as comforting as a warm cup of tea on a cold day—if the tea were made from the leaves of disappointment.

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2025-03-07 14:21