3800万美元的代币销售暴露：机动实验室和Web3港口的交易揭示了加密市场制造的黑暗面。

做市商还是出口流动性？ - 深入研究激励机制，使做市商可以出售令牌并与基金会分享利润。

Guests: Evgeny Gaevoy, Founder and CEO of Wintermute

客人：温特穆特的创始人兼首席执行官伊夫根尼·盖沃伊（Evgeny Gaevoy）

Host:Haseeb Qureshi, Managing Partner of Dragonfly

主持人：Haseeb Qureshi，Dragonfly的执行合伙人

Robert Leshner, CEO and Co-founder of Superstate

Robert Leshner，Susterate的首席执行官兼联合创始人

Tom Schmidt, Partner of Dragonfly

蜻蜓的合伙人汤姆·施密特（Tom Schmidt）

Summary of key points

要点摘要

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

•3800万美元的代币销售曝光：移动实验室和Web3港口的交易揭示了加密货币市场的阴暗面

• 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.

•做市商还是出口流动性？ - 深入研究激励机制，使做市商可以出售令牌并与基金会分享利润。

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

•VCS盲人 - 尽管有明显的风险以及对加密货币的尽职调查意味着什么，但为什么顶级投资者支持移动实验室。

• 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 - 运动实验室的首席执行官在经过数周的否认后从职位上撤职，但团队的其他成员是否参与其中？

• 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大声疾呼 - 作为加密货币的最大做市商之一，Evgeny分享了他对阴暗贸易，抛售机制和透明性失败的想法。

• 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.

•对普通投资者的气流，市场操纵和损失 - 我们剖析了如何在幕后操纵代币发行，并且实际上承受了损失的首当其冲。

• 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 - 哈西布认为，必须强迫加密货币市场披露营销协议，以防止监管机构参与其中。

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

•自我调节还是SEC干预？ - 行业能否纠正自己，还是我们介绍了另一波证券执行？

• 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.

•加密货币的信任危机 - 缺乏透明度会导致整个令牌模型的崩溃。这个问题探讨了如何解决此问题。

Summary of highlights

亮点的摘要

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

我们希望普通的投资者不会尽可能多地亏损。

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.

我认为，对于做市商来说，披露信息最终非常有益。我认为这将有助于使市场正常化，因为这全都与制定规范有关。

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

很多时候，人们只是想找到一个要责备的人，而不是对市场结构和流动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.

对于做市商来说，激励措施必须足够强大以提高价格，同时稍后能够兑现。

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.

有时，很难说明谁的信誉，如果您不深入参与加密社区或缺乏推荐人，谁不会。

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.

我们有DEFI，集中交易所，风险投资，分散的市场成立等的竞争对手，但是可能只有少数做市商可以覆盖所有领域。

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.

我认为，理想的披露系统是交易所和普通投资者之间的信息差距基本上为零。当您在交易所上申请上市时，公众已知的信息应与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.

我们可以选择披露此信息并对投资者负责，或者我们可以保持沉默，因为我们不想受到批评。这正是我们现在的行业正在发生的事情：没有披露，但是如果您披露，您就会受到攻击。

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.

有三个渠道可以有效地标准化披露。第一个渠道是通过交流。第二个渠道是通过风险投资公司。第三个渠道是通过做市商本身的。

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

如果我们主动创建一个适合我们的披露系统的计划，对行业来说会更好。

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.

作为一个行业，我们需要提前成熟并提前解决这些问题，然后才能真正失去普通投资者的信任。此类事件最终将破坏对整个代币行业的信心。

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

监管机构可能会补充，添加或形式化该行业最终达成的任何共识。

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.

我发现大多数时候我不认为声称“我们不知道它有效”的项目。在这种情况下，他们做到了。

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

运动实验室丑闻：做市商的杂乱

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，其中一个是Coindesk关于运动的报道。与运动实验室相关的公司与一个名为Web3端口的团队签署了一项协议。该协议的内容是，如果完全稀释的运动估值超过50亿美元，Web3港口可以清算其持有的代币并分享与基金会出售代币中的所有利润。

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%.

也就是说，这家做市商在代币抛售中充当了“代理商”，他们的激励机制是提高令牌价格。这不仅赚了做市商的钱，而且运动基金会也从中获利了，这显然提出了很多问题。他们还收到了代币总供应量的5％，相对于当前的总循环，这是一笔巨大的数量，小于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

他们倾倒了价值3800万美元的搬迁令牌，因此，二手债券禁止了该帐户。最初，参与其中的每个人都否认了这一点，但最终Coindex报告了这个故事，并提供了相关的合同，这导致了运动实验室的联合创始人兼首席执行官Rushi解雇。现在，似乎该事件终于结束了。运动正在组建一个新团队，现在