This GPS incident is a textbook example of playing people for suckers.

Before the project launched on a leading exchange last year, the project team had already started laying the groundwork—creating hype in the community and bombarding the media with soft articles, effectively packaging GPS as "the next potential public chain utility token." Leveraging the exchange's reputation, they attracted a large wave of retail investors to get on board and position themselves early.

After going live, there was indeed some movement. The project team, along with market makers, first drove up the coin price, attracting off-market funds and increasing the hype. However, the good times didn't last long — just three days later, the market makers began to heavily sell off. This sell-off was significant, directly cashing out 40 million USD, and the coin price dropped by 80%.

What's even more heartbreaking is the subsequent reaction. After the crash, the project team chose to "let it go"—there was no news of technical iterations, nor any visible actions towards ecosystem implementation, and the coin price just stubbornly clung to the floor price. Retail investors who bought in at high prices have no way to escape, and most people's principal has shrunk severely. Even if they want to defend their rights, they find it difficult due to the project team's various concealments and the incomplete evidence chain.

What is the biggest lesson from this case? Don't let the exchange's logo blind you. The listing of a cryptocurrency does not equal a reliable project; what really matters is the technical foundation and ecological planning, not following the trend to pick up a "potential coin" story.