This is the single best case I found today among all the materials I reviewed for explaining how exchanges view market-making behavior.

$GPS is GoPlus Security, a Web3 security layer. It went live on March 4, 2025 at 1:00 PM via Binance HODLer Airdrop, Episode 11.

Three days later, on March 7, 2025, Binance added an observation tag to it. And this time, the announcement unusually provided a specific reason—typically, observation tag announcements only use risk wording and do not name the specific matter. The announcement says:

There is a market maker that, between 1:00 PM on March 4, 2025 and 9:55 AM on March 5, sold off approximately 70 million GPS tokens. During that period, it placed no buy orders; it was the top earner by profit during that time, at about 5 million USDT. The market maker’s Binance account has been suspended.

The time window exactly covers the first 21 hours after launch. Market makers were supposed to provide two-way quotes, but it only sells and does not buy—this is a rare enforcement notice from Binance that spells out the behavioral details.

The subsequent developments get even more interesting: on October 9, 2025, Binance removed the GPS observation tag. In the same batch of announcements, Binance removed the Seed tags for BERA, BIO, ZK, and ZRO, but did not touch GPS’s Seed tag. So by September 2026, its tags are Infrastructure, Seed, and HODLer—its observation tag has been removed, while the Seed tag remains.

That full cycle of “added and then removed” carries more information than a standalone risk warning: it suggests the observation tag can be lifted as conditions improve, not a final verdict. This point is rarely mentioned in discussions I’ve seen about observation tags.

The project itself is still active. In 2026, it launched AgentGuard and DeepScan, focusing on AI agent security. This pivot makes sense: once AI agents start handling money, the need for a security layer really changes.

There are two market-cap figures: Binance lists $81.73 million, rank 323, with about 6.74 billion circulating coins; CoinGecko lists $72.61 million, rank 377, with about 5.937 billion circulating coins. In addition, one data provider gives $22 million, rank 635—this number is clearly anomalous and can be excluded.

Regarding the founding team, I found a more solid source than media reports: the project’s regulatory filing prepared under the EU MiCAR regulations (notification dated August 19, 2025). In the filing, item D.5 explicitly states Founder: Ming Li, Co-founder: Yufeng Xu, and item B.10 notes that both are directors of the company. Media often refers to the founder as “Mike”; mapping Mike to Ming Li is a highly reasonable inference, but there is no source directly equating them. So I provide both names. Also, Allen Zhang is a co-founder and CTO, who joined in April 2023, previously serving as director of solution architecture at Ant Group.

Here we need to correct a circulated claim: some materials say the founding team came from Tencent or knew KnowCyber (known as知道创宇). I found no evidence for this claim. The verifiable real background is Qihoo 360: he joined in 2010 and was one of the main product managers of the 360 Secure Browser; he founded the Jinniu browser (acquired in 2015 by an A-share listed company); in 2017 he co-founded Delphy; and in 2019 he founded a blockchain security data platform.

There’s one more link I think is the most worth remembering. Binance’s announcements don’t name which market maker it was. But public information shows that in June 2024’s funding round for GoPlus, Web3Port was one of the investors (with several other institutions in the same round). And Web3Port is precisely the firm that was reported to have been identified as the主动做市商 in the market-making scandal.

If that identification holds, it means the investor and the market maker are the same entity—a group that, on the very first day of a project’s launch, dumped 70 million of its tokens, which also happens to be its shareholder. This combination is worth thinking about one more layer.

But the boundaries must be made clear: Binance has never confirmed the market maker’s identity. “Web3Port is the market maker” comes from disclosures rather than an official determination. I’m laying out this connection because it is verifiable (Web3Port really was an investor), not because the accusation has already been proven.

Another narrative gap to flag. GoPlus previously told a story about an “EigenLayer AVS”—re-staking ETH or GPS to participate in security validation, with on-chain slashing/penalties. This thing really did go live (deployed on the mainnet by AltLayer and described as the first security AVS). But it has stalled: the current whitepaper deletes the AVS Operator section; the related code repositories haven’t been updated for about 22 months; and in the whitepaper, the staking-related wording has weakened from firm statements to “may stake.” If someone is still using AVS or re-staking as a reason for holding it, this gap needs attention.

There are also signs of contraction on the organization side: team size grew from 15 people in March 2022 to 33 in June 2024, then fell back to 25 by September 2026. The latest article on the official blog stops at August 29, 2025—about 13 months without updates. The careers page is currently 404. However, the product side is still moving: code submitted on September 22, 2026 is still being pushed; in 2026, it created eight new code repositories; and CertiK’s score increased to AA on September 18.

Finally, a note on the nature of the GPS token—it’s easy to misunderstand. It is not the gas token of any public chain; it is deployed on an Ethereum L2. “Security gas” only refers to the billing unit for paying for security services with GPS. In token allocation, the team receives 20% (a 6-month cliff plus 2 years of monthly linear vesting, making the overall period about 7 years). Early supporters get 19.33%, and insiders total about 39.33%. The next unlock is October 1, 2026.

Also mention one translation trap: in Chinese, “1.0925 billion coins” has been mis-translated by some English reposts as “10.925 million” (i.e., 10.925 million, missing a power of ten). The correct figure should be about 109 million coins.

Another time point to remind: on September 16, 2026, about 109.25 million GPS were unlocked, which was about $1.26 million at the then-prevailing price.

Today it’s up 9.6%. The active buy/sell ratio is 1.506—among this batch, it has the most aggressive buy-side.

This article compiles public information and personal views, and does not constitute any investment advice. Data comes from exchange announcements and public reports. The behavioral descriptions in the announcements are disclosed unilaterally by the exchange; please verify independently.