GoPlus (GPS) is a typical case of exchange-backed blanket liquidations, where before the project was launched on the leading exchange Binance in 2025, it was packaged through community hype and media soft articles to shape itself into a 'potential public chain utility token,' attracting a large number of retail investors to position themselves early by leveraging the credibility of the exchange.
After the launch, the project team briefly boosted the coin price in collaboration with market makers, further stimulating off-market follow-up funds to enter. However, within just three days, the market makers concentrated on dumping their holdings, cashing out a total amount as high as $40 million, which directly triggered an 80% crash in the coin price.
After the crash, the project team completely abandoned market value maintenance, disclosing no technical iteration progress and making no moves to promote ecological landing, resulting in a long-term stagnation of the coin price at a low level. Retail investors who entered at high prices, lacking exit channels, were mostly trapped, with their principal significantly shrinking, and their rights protection efforts were difficult to advance due to the project team's concealment and incomplete evidence chain.
The warning significance of this case is that retail investors should not blindly enter the market based solely on the information of the exchange listing, neglecting the project's own technology and landing value.
After the launch, the project team briefly boosted the coin price in collaboration with market makers, further stimulating off-market follow-up funds to enter. However, within just three days, the market makers concentrated on dumping their holdings, cashing out a total amount as high as $40 million, which directly triggered an 80% crash in the coin price.
After the crash, the project team completely abandoned market value maintenance, disclosing no technical iteration progress and making no moves to promote ecological landing, resulting in a long-term stagnation of the coin price at a low level. Retail investors who entered at high prices, lacking exit channels, were mostly trapped, with their principal significantly shrinking, and their rights protection efforts were difficult to advance due to the project team's concealment and incomplete evidence chain.
The warning significance of this case is that retail investors should not blindly enter the market based solely on the information of the exchange listing, neglecting the project's own technology and landing value.
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