According to Binance's investigation, the market maker sold about 70 million GPS units between 13:00 (UTC) on March 4 and 9:55 (UTC) on March 5, 2025, and did not place any orders. After the spot trading began, the market maker continued to sell GPS and became the largest beneficiary, earning about $5 million. Binance has launched an in-depth investigation into the incident and has temporarily frozen the accounts of the relevant market makers.