MyShell Announces Official Position on Binance-Related Matters… Will Buy Back $SHELL

# MyShell Terminates Market Maker Relationship Following Binance Report MyShell announced on October 7 that it received communication from Binance concerning unusual activities related to its market maker. In response, MyShell stated that it has immediately severed its relationship with the implicated market maker and has brought in new partners to ensure stable liquidity. The firm also confirmed that all Binance accounts associated with the market maker have been frozen, and any remaining assets will be transferred to a new market maker. Notably, MyShell emphasized that all stablecoins held by the previous market maker will be used within 90 days for Shell token ($SHELL) buybacks. To facilitate transparency, the company plans to disclose the wallet address used for the buybacks so that the community can verify the transactions. Additionally, MyShell committed to working closely with Binance to ensure the transparency of the entire process. The company also noted, "Despite the broader market challenges, we maintain a strong operational foundation and are dedicated to developing tokenomics that support the advancement of open-source AI models and AI application development." MyShell expressed gratitude for the ongoing support and trust from its users and promised to keep them updated on the progress. The firm plans to address the situation proactively, prioritizing transparency and trust.