As I’m penning this, contemporary headlines are placing much more stress on market makers.
Simply yesterday, Coinbase introduced it’s suspending the buying and selling of MOVE, a token on the middle of a rising market-making scandal.
Following MOVE’s launch final December, a market maker reportedly dumped 66 million tokens, strolling away with $38 million in USDT. Binance froze the funds in March, flagged the problem, and alerted the venture staff.
The fallout? Delistings, harm management, and now — a management shakeup.
Motion Labs has since suspended its co-founder, Rushi Manche, after leaked agreements revealed that the market maker was granted management of roughly 5% of MOVE’s provide — with phrases that incentivized aggressive value appreciation. The association raised severe issues and prompted a full investigation.
That is precisely why moral execution — and selecting the best market maker — issues. In crypto, a single unhealthy deal can value a venture all the things: from listings to legitimacy.
