Movement Labs and Mantra Scandal 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 sometimes taking equity or advisory stakes source: https://www.coindesk.com/markets/2025/05/17/movement-labs-and-mantra-scandal-are-shaking-up-crypto-market-making