Behind Binance’s New Coin Dump: The Complete Operation Chain of a Crypto “Harvesting Machine”
Liquidity is the lifeline of price stability, and market makers are its guardians. But when guardians turn into predators, chaos ensues.Within 20 minutes of listing on Binance, GPS crashed below its opening price, plummeting 74% from its 0.15peak.SHELLfollowedanear−identicaltrajectory,nosedivingfrom0.7 to $0.26. These synchronized collapses hinted at an invisible hand manipulating the market.Binance’s investigation revealed a shocking truth: a single market maker dumped 70 million GPS tokens in 21 hours without a single buy order, pocketing $5 million while draining liquidity. Further scrutiny exposed both projects shared the same market maker—a revelation that unearthed a sophisticated profit chain involving Web3Port, Whisper, and crypto insider May Liu.The Manipulation Blueprint.Web3Port’s Dual Role: Acting as an incubator, Web3Port secured 1-3% free token allocations from early-stage projects in exchange for “support.”Whisper’s Exit Ramp: Web3Port’s sister market maker, Whisper, then executed coordinated dumps on exchanges like Binance, converting free tokens into cash.May Liu’s Decade-Long Playbook: From her VC days at Spark Digital Capital (which funneled investor funds into her own token allocations) to Web3Port’s “incubation-as-a-front,” Liu perfected a cycle where retail investors became perpetual ATMs.
Who’s to Blame?
Projects: Issuing tokens under false vesting schedules while secretly funneling unlocked coins to insiders.Exchanges: Failing to monitor market maker activity, allowing predatory sell-offs.VCs/KOLs: Promoting projects while quietly dumping allocations.As crypto KOL @forgivenever noted: “The entire industry chain—exchanges, VCs, projects, KOLs—pretends innocence while collectively feeding on retail.”Binance’s decision to ban the market maker and compensate users sparked debate: Is this genuine reform or centralized power play? One critic warned: “If this is just theatrics, Binance risks becoming the very monopoly it claims to oppose.”The GPS/SHELL saga isn’t an anomaly—it’s a symptom of a broken system. Until accountability replaces greed, the “great game” of crypto will remain rigged against the little guy.
Colin Winston
