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Beosin Reveals Suspicious Price Manipulation of $SHELL Token by Market Makers
- Beosin conducted an on-chain analysis revealing suspicious price manipulation of the $SHELL token by market makers, particularly linked to @myshell_ai.
- Large transfers of $SHELL tokens between addresses connected to major crypto exchanges were part of coordinated efforts leading up to the token's listing, raising concerns about market conditions.
- Address 2 transferred over $1 million worth of $SHELL tokens to a Binance address shortly before the token was listed, hinting at potential last-minute pumping.
- Address 3 and a Bitget hot wallet moved around $3.5 million worth of $SHELL tokens to another Binance user address, suggesting orchestrated price manipulation.
- Multiple complex transactions involving major exchanges over several days were found, indicating a web of interconnected moves by market makers to influence token prices.
- Beosin's analysis highlights how market makers exploited their control over token movements to artificially boost the price of $SHELL before its exchange debut, potentially damaging the token's reputation.
- The incident underscores broader concerns about market manipulation in the crypto space, emphasizing the need for regulatory oversight and transparent token listings to safeguard market integrity.
- Blockchain auditing firms like Beosin play a crucial role in enhancing market integrity by identifying dubious activities and vulnerabilities, contributing to a safer crypto ecosystem.
- The report by Beosin serves as a reminder of the ongoing challenges in the crypto sector, emphasizing the importance of thorough research before investing in cryptocurrencies or DeFi protocols.
- Investors are advised to exercise caution and conduct thorough research before engaging in cryptocurrency trading or investments, as market manipulation remains a notable concern.
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