Mantra (OM) and Movement Labs (MOVE) Token Scandals Are Shaking up Crypto Market-Making
Two of the year’s most chaotic token blowups — Movement Labs’ MOVE scandal and the collapse of Mantra’s OM — are sending shockwaves through crypto’s market-making businesses.
In both cases, rapid price crashes revealed hidden actors, questionable token unlocks, and alleged side agreements that blinded market participants, with OM falling more than 90% within hours late April on no apparent catalyst.
Unlike traditional finance, where market makers provide orderly bid-ask spreads on regulated venues, crypto market makers often operate more like high-stakes trading desks.
They’re not just quoting prices; they’re negotiating pre-launch token allocations, accepting lockups, structuring liquidity for centralized exchanges, and…
