本週，隨著特朗普的關稅貿易趨勢的改善，市場的大規模上升

本週，隨著特朗普的關稅貿易趨勢的改善，以太坊生態學和AI領導的市場大規模上升

This week, as Trump's tariff trade trend improved, the market saw a massive general rise, led by Ethereum ecology and AI, all of which rose by more than 20%. At the same time, the crypto market was in turmoil again. Movement was accused of manipulating the market-making agreement, which led to the collapse of the coin price, involving operators such as Web3Port, which triggered the market to reflect on industry ethics and supervision. At the same time, AI and PayFi tracks accelerated their development, BNB Chain promoted the MCP standard, OKX and Binance laid out the payment ecology, and the policy trends indicated that the crypto market is facing a new round of reshuffles and opportunities.

本週，隨著特朗普的關稅貿易趨勢的改善，以太坊生態學和人工智能領導的市場大規模上升，所有這些都增長了20％以上。同時，加密貨幣市場再次處於動盪狀態。運動被指控操縱市協議，這導致了硬幣價格的崩潰，涉及運營商，例如Web3Port，該公司觸發了市場以反思行業道德和監督。同時，AI和Payfi跟踪他們的發展加速了，BNB連鎖店促進了MCP標準，OKX和Binance列出了支付生態，並且政策趨勢表明，加密貨幣市場正面臨著新一輪的改組和機會。

1. Movement event - the crash caused by the market making protocol

1。運動事件 - 市場製造協議造成的崩潰

This week, with Movement's trading being suspended by Coinbase and Binance's subsequent postponement of Movement (MOVE) HODLer airdrop, Movement was once again at the center of public opinion. The project raised more than 40 million yuan and was selected into the World Liberty Financial crypto investment portfolio supported by Trump.

本週，隨著Coinbase和Binance隨後的運動推遲（Move）Hodler Airdrop的貿易暫停，運動再次成為公眾輿論的中心。該項目籌集了超過4000萬元人民幣，並被特朗普支持的世界自由加密投資組合被選為世界自由加密投資組合。

Suspicion of manipulation is at the core of the Movement incident, involving a market-making agreement between Rentech and the Movement Foundation, which was accused of incentivizing price manipulation. According to CoinDesk, the contract between the Movement Foundation and Rentech handed over about half of the circulating MOVE tokens to Rentech for control, and the contract incentivized Rentech to push up the token valuation to $5 billion and then sell it for profit, resulting in 66 million tokens (worth $38 million) being sold on December 9, 2024, the day after the launch, and the price of the token plummeted.

懷疑操縱是運動事件的核心，涉及Rentech與運動基金會之間的營銷協議，該協議被指控激勵價格操縱。根據Coindesk的說法，運動基金會和Rentech之間的合同將大約一半的循環動作令牌移交給了Rentech以進行控制，並激勵了Rentech將令牌估值提高到50億美元，然後將其賣給了利潤，從而在2024年12月9日，售價為6600萬美元（價值3800萬美元）。

Interestingly, after the sell-off, the Movement Network Foundation announced that it would repurchase 38 million USDT worth of MOVE on Binance in the next three months in an attempt to stabilize community sentiment, but a few days later it deposited 17.15 million MOVE into Coinbase.

有趣的是，在拋售後，運動網絡基金會宣布，將在未來三個月內回購價值3800萬美元的融資，以穩定社區情緒，但幾天后，它存入了1715萬搬遷到Coinbase中。

Rentech’s role and contractual disputes:

Rentech的角色和合同糾紛：

Web3Port

Web3Port

Previously, CZ forwarded Kuai Dong (@_FORAB)’s disclosure article on market maker Web3Port, which stated:

以前，CZ轉發了Kuai Dong（@_forab）關於市政機構Web3Port的披露文章，該文章說：

May Liu, a core figure of Web3Port, and her team established a "brokerage pipeline for listing on Binance”, from Spark Digital Capital to Web3Port, and then to Whisper.

Web3Port的核心人物May Liu及其團隊建立了“從Spark Digital Capital到Web3Port，然後竊竊私語的“列入二元的經紀管道”。

Initially, Spark operated under the name of VC, but actually relied on market outsourcing + FA business, allowing VC to invest in projects and obtaining free tokens. After the industry involution in 2021 and 2022, project parties were no longer willing to give tokens for free, so they turned to the incubator model and established Web3Port, providing project packaging and VC docking in exchange for 1-3% tokens.

最初，Spark以VC的名義運行，但實際上依靠市場外包 + FA業務，使VC可以投資於項目並獲得免費代幣。在2021年和2022年的行業互動之後，項目政黨不再願意免費提供令牌，因此他們轉向孵化器模型並建立了Web3Port，提供了項目包裝和VC對接，以換取1-3％的代幣。

However, the incubator alone could not realize the funds, so the market maker Whisper was established. In the name of market making, it actually created a delivery window for the free tokens in its hands. In the end, this system became a complete assembly line from packaging financing to exit, and Binance retail investors became the final payers.

但是，僅孵化器無法意識到這些資金，因此建立了做市商的耳語。它以市場開展的名義，實際上為手中的免費代幣創建了一個交付窗口。最後，該系統成為從包裝融資到退出的完整裝配線，而Binance Retail Investors成為最終付款人。

What is even more shocking is that Web3Port signed a similar agreement with Rentech as early as November 25, 2024, bypassing the Foundation's review. Rentech was marked as a representative of "Movement" in the document. This shows that key arrangements have been implemented in advance in informal channels, laying the groundwork for the subsequent thunderbolt.

更令人震驚的是，早在2024年11月25日，Web3Port與Rentech簽署了類似的協議，繞過了基金會的審查。 Rentech被標記為文件中“運動”的代表。這表明已經在非正式渠道中提前實施了關鍵安排，為隨後的雷電奠定了基礎。

In addition, cryptocurrencies are usually supposed to have a lock-up period to prevent early selling. However, in the Movement incident, Web3Port obtained tokens through the protocol and immediately sold them, which became the core issue of outside doubts about insider trading.

此外，加密貨幣通常應該有一個鎖定期，以防止提早出售。但是，在運動事件中，Web3Port通過協議獲得了代幣並立即將其出售，這成為外部對內幕交易的核心問題。

After the incident broke out, Movement Labs, market makers Rentech/Web3Port, co-founders and founders blamed each other. Movement claimed that it was misled by Rentech and Web3Port, while Rentech insisted that the agreement was approved by Movement. At present, the project has commissioned the Groom Lake audit agency to investigate the market making anomalies, and many executives and legal advisors have been reviewed. The credibility and governance of the project have been seriously challenged, and the price performance of Move is not optimistic in the future.

事件發生爆發後，運動實驗室，做市商Rentech/Web3Port，聯合創始人和創始人互相指責。運動聲稱它是被Rentech和Web3Port誤導的，而Rentech堅持認為該協議已獲得運動批准。目前，該項目已委託新郎湖審計局調查市場的異常情況，並且對許多高管和法律顧問進行了審查。該項目的信譽和治理受到了嚴重的挑戰，而移動的價格績效在將來也不樂觀。

This incident exposed in detail for the first time the lack of supervision of the market-making mechanism and the dark areas of the opaque legal framework, but it is worth considering that the movement incident may be just the tip of the iceberg in the dark areas. In theory, market makers are entrusted by the project party to provide liquidity for new tokens and maintain price stability and market depth through buying and selling operations. However, in actual operations, if there is a lack of supervision or transparent mechanisms , market makers may be abused as a tool to manipulate the market and secretly transfer a large number of tokens, which will damage the rights and interests of ordinary investors

這一事件首次詳細揭露了營銷機制和不透明法律框架的黑暗地區的監督，但值得考慮的是，運動事件可能只是黑暗地區冰山一角。從理論上講，項目黨委託做市商為新令牌提供流動性，並通過買賣業務維持價格穩定和市場深度。但是，在實際操作中，如果缺乏監督或透明機制，營銷商可能會被濫用作為操縱市場並秘密轉移大量代幣的工具，這將損害普通投資者的權利和利益