3800萬美元的代幣銷售暴露：機動實驗室和Web3港口的交易揭示了加密市場製造的黑暗面。

做市商還是出口流動性？ - 深入研究激勵機制，使做市商可以出售令牌並與基金會分享利潤。

Guests: Evgeny Gaevoy, Founder and CEO of Wintermute

客人：溫特穆特的創始人兼首席執行官伊夫根尼·蓋沃伊（Evgeny Gaevoy）

Host:Haseeb Qureshi, Managing Partner of Dragonfly

主持人：Haseeb Qureshi，Dragonfly的執行合夥人

Robert Leshner, CEO and Co-founder of Superstate

Robert Leshner，Susterate的首席執行官兼聯合創始人

Tom Schmidt, Partner of Dragonfly

蜻蜓的合夥人湯姆·施密特（Tom Schmidt）

Summary of key points

要點摘要

• $38M Token Sale Exposed: Movement Labs and Web3 Port’s Deal Reveals the Dark Side of Crypto Market Making

•3800萬美元的代幣銷售曝光：移動實驗室和Web3港口的交易揭示了加密貨幣市場的陰暗面

• Market Makers or Exit Liquidity? — A deep dive into an incentive mechanism that allows market makers to sell tokens and share profits with the foundation.

•做市商還是出口流動性？ - 深入研究激勵機制，使做市商可以出售令牌並與基金會分享利潤。

• VCs Blind — Why top investors backed Movement Labs despite obvious risks, and what it means for crypto due diligence.

•VCS盲人 - 儘管有明顯的風險以及對加密貨幣的盡職調查意味著什麼，但為什麼頂級投資者支持移動實驗室。

• Rushi fired — Movement Labs CEO removed from his post after weeks of denials, but was the rest of the team involved?

•Rushi解雇了 - 運動實驗室的首席執行官在經過數週的否認後從職位上撤職，但團隊的其他成員是否參與其中？

• Evgeny of Wintermute Speaks Out — As one of the largest market makers in crypto, Evgeny shares his thoughts on shady trading, sell-off mechanisms, and failures of transparency.

•Wintermute的Evgeny大聲疾呼 - 作為加密貨幣的最大做市商之一，Evgeny分享了他對陰暗貿易，拋售機制和透明性失敗的想法。

• Airdrops, market manipulation, and losses for ordinary investors — We dissect how token issuance is manipulated behind the scenes and who actually bears the brunt of the losses.

•對普通投資者的氣流，市場操縱和損失 - 我們剖析瞭如何在幕後操縱代幣發行，並且實際上承受了損失的首當其衝。

• Importance of disclosure —Haseeb believes that cryptocurrency markets need to be forced to disclose market-making protocols to prevent regulators from getting involved.

•披露的重要性 - 哈西布認為，必須強迫加密貨幣市場披露營銷協議，以防止監管機構參與其中。

• Self-regulation or SEC intervention? — Can the industry correct itself, or are we setting off another wave of securities enforcement?

•自我調節還是SEC干預？ - 行業能否糾正自己，還是我們介紹了另一波證券執行？

• The trust crisis in cryptocurrencies — Lack of transparency can lead to the collapse of the entire token model. This issue explores how to address this problem.

•加密貨幣的信任危機 - 缺乏透明度會導致整個令牌模型的崩潰。這個問題探討瞭如何解決此問題。

Summary of highlights

亮點的摘要

We hope that ordinary investors will not lose money as much as possible.

我們希望普通的投資者不會盡可能多地虧損。

I think that for market makers, disclosing information is ultimately very beneficial. I think it will help normalize the market because it’s all about creating norms.

我認為，對於做市商來說，披露信息最終非常有益。我認為這將有助於使市場正常化，因為這全都與製定規範有關。

Many times people just want to find someone to blame, rather than having a deeper understanding of the market structure and how liquidity works.

很多時候，人們只是想找到一個要責備的人，而不是對市場結構和流動性的工作方式有更深入的了解。

For market makers, the incentive must be strong enough to drive the price up while also being able to cash out later.

對於做市商來說，激勵措施必須足夠強大以提高價格，同時稍後能夠兌現。

Sometimes it’s hard to tell who’s reputable and who isn’t if you’re not deeply involved in the crypto community or lack referrals.

有時，很難說明誰的信譽，如果您不深入參與加密社區或缺乏推薦人，誰不會。

We have competitors in DeFi, centralized exchanges, venture capital, decentralized market making, etc., but there are probably only a few market makers that can cover all areas.

我們有DEFI，集中交易所，風險投資，分散的市場成立等的競爭對手，但是可能只有少數做市商可以覆蓋所有領域。

In my opinion, the ideal disclosure system is that the information gap between the exchange and ordinary investors is basically zero. When you apply for listing on an exchange, the information known to the public should be consistent with the information known to the exchange.

我認為，理想的披露系統是交易所和普通投資者之間的信息差距基本上為零。當您在交易所上申請上市時，公眾已知的信息應與交易所已知的信息一致。

We can choose to disclose this information and be accountable to investors, or we can remain silent because we don't want to be criticized. This is exactly what is happening in our industry right now: no disclosure, but if you disclose, you’re attacked.

我們可以選擇披露此信息並對投資者負責，或者我們可以保持沉默，因為我們不想受到批評。這正是我們現在的行業正在發生的事情：沒有披露，但是如果您披露，您就會受到攻擊。

There are three channels through which disclosure can be effectively standardized. The first channel is through exchanges. The second channel is through venture capital firms. The third channel is through the market makers themselves.

有三個渠道可以有效地標準化披露。第一個渠道是通過交流。第二個渠道是通過風險投資公司。第三個渠道是通過做市商本身的。

It would be better for the industry if we took the initiative to create a disclosure system that works for us.

如果我們主動創建一個適合我們的披露系統的計劃，對行業來說會更好。

As an industry, we need to mature and address these issues in advance before we really lose the trust of ordinary investors. Such incidents will ultimately undermine confidence in the entire token industry.

作為一個行業，我們需要提前成熟並提前解決這些問題，然後才能真正失去普通投資者的信任。此類事件最終將破壞對整個代幣行業的信心。

Regulators may supplement, add to or formalize any consensus that the industry ultimately reaches.

監管機構可能會補充，添加或形式化該行業最終達成的任何共識。

I find most of the time I don’t believe that projects claiming “we didn’t know it worked this way”. In this case, they did.

我發現大多數時候我不認為聲稱“我們不知道它有效”的項目。在這種情況下，他們做到了。

Movement Labs Scandal: The Messy Inside Story of a Market Maker

運動實驗室醜聞：做市商的雜亂

Haseeb: There has been a lot of interesting news recently, one of which was reported by CoinDesk about Movement. A company associated with Movement Labs signed an agreement with a team called Web3 Port. The content of this agreement is that if the fully diluted valuation of Movement exceeds $5 billion, Web3 Port can liquidate the tokens they hold and share all profits from the sale of tokens with the foundation.

Haseeb：最近有很多有趣的消息，其中一個是Coindesk關於運動的報導。與運動實驗室相關的公司與一個名為Web3端口的團隊簽署了一項協議。該協議的內容是，如果完全稀釋的運動估值超過50億美元，Web3港口可以清算其持有的代幣並分享與基金會出售代幣中的所有利潤。

That is, this market maker acted as an “agent” in the token sell-off, and their incentive mechanism was to drive the token price up. This not only made the market maker money, but the Movement Foundation also profited from it, which obviously raised a lot of questions. They also received 5% of the total supply of tokens, which is a huge amount relative to the current total circulation, which is less than 10%.

也就是說，這家做市商在代幣拋售中充當了“代理商”，他們的激勵機制是提高令牌價格。這不僅賺了做市商的錢，而且運動基金會也從中獲利了，這顯然提出了很多問題。他們還收到了代幣總供應量的5％，相對於當前的總循環，這是一筆巨大的數量，小於10％。

They dumped $38 million worth of MOVE tokens, and as a result, Binance banned the account. At first everyone involved denied it, but eventually Coindex reported the story and provided the relevant contracts, which led to the firing of Rushi, the co-founder and CEO of Movement Labs. Now, it seems that the incident has finally come to an end. Movement is forming a new team and now

他們傾倒了價值3800萬美元的搬遷令牌，因此，二手債券禁止了該帳戶。最初，參與其中的每個人都否認了這一點，但最終Coindex報告了這個故事，並提供了相關的合同，這導致了運動實驗室的聯合創始人兼首席執行官Rushi解僱。現在，似乎該事件終於結束了。運動正在組建一個新團隊，現在