TechFlow news — On March 10, according to an official announcement, MyShell released an "Official Statement Regarding Binance's Announcement and the SHELL Buyback Plan":
Good morning, Shell community members,
We would like to take this opportunity to clarify recent events and provide clear explanations.
On March 7, the Binance team reached out to us regarding abnormal activities by a market maker ("market maker"). In response, we immediately terminated our collaboration with the involved market maker and are onboarding multiple new partners to ensure stable liquidity.
All Binance accounts associated with this market maker have been suspended, and all remaining assets will be transferred to our new market makers. Additionally, all stablecoins sold by the market maker will be fully used to repurchase $SHELL tokens within 90 days. To ensure full transparency, we will publish wallet addresses related to the buybacks for community verification. Furthermore, we are working closely with Binance to make this process open and transparent.
Despite broader market challenges, the MyShell team remains in strong operational condition. We remain fully committed to advancing open-source AI models and building a robust token economy framework to support AI application development and open-source AI innovation.
We sincerely thank you for your continued support and trust in MyShell. We will continue to keep you updated on our progress and any further developments.
Thank you for being part of our community."
