本周，随着特朗普的关税贸易趋势的改善，市场的大规模上升

本周，随着特朗普的关税贸易趋势的改善，以太坊生态学和AI领导的市场大规模上升

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.

本周，随着特朗普的关税贸易趋势的改善，以太坊生态学和人工智能领导的市场大规模上升，所有这些都增长了20％以上。同时，加密货币市场再次处于动荡状态。运动被指控操纵市协议，这导致了硬币价格的崩溃，涉及运营商，例如Web3Port，该公司触发了市场以反思行业道德和监督。同时，AI和Payfi跟踪他们的发展加速了，BNB连锁店促进了MCP标准，OKX和Binance列出了支付生态，并且政策趋势表明，加密货币市场正面临着新一轮的改组和机会。

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

1。运动事件 - 市场制造协议造成的崩溃

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.

本周，随着Coinbase和Binance随后的运动推迟（Move）Hodler Airdrop的贸易暂停，运动再次成为公众舆论的中心。该项目筹集了超过4000万元人民币，并被特朗普支持的世界自由加密投资组合被选为世界自由加密投资组合。

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.

怀疑操纵是运动事件的核心，涉及Rentech与运动基金会之间的营销协议，该协议被指控激励价格操纵。根据Coindesk的说法，运动基金会和Rentech之间的合同将大约一半的循环动作令牌移交给了Rentech以进行控制，并激励了Rentech将令牌估值提高到50亿美元，然后将其卖给了利润，从而在2024年12月9日，售价为6600万美元（价值3800万美元）。

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，在抛售后，运动网络基金会宣布，将在未来三个月内回购价值3800万美元的融资，以稳定社区情绪，但几天后，它存入了1715万搬迁到Coinbase中。

Rentech’s role and contractual disputes:

Rentech的角色和合同纠纷：

Web3Port

Web3Port

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

以前，CZ转发了Kuai Dong（@_forab）关于市政机构Web3Port的披露文章，该文章说：

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及其团队建立了“从Spark Digital Capital到Web3Port，然后窃窃私语的“列入二元的经纪管道”。

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的名义运行，但实际上依靠市场外包 + FA业务，使VC可以投资于项目并获得免费代币。在2021年和2022年的行业互动之后，项目政党不再愿意免费提供令牌，因此他们转向孵化器模型并建立了Web3Port，提供了项目包装和VC对接，以换取1-3％的代币。

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，仅孵化器无法意识到这些资金，因此建立了做市商的耳语。它以市场开展的名义，实际上为手中的免费代币创建了一个交付窗口。最后，该系统成为从包装融资到退出的完整装配线，而Binance Retail Investors成为最终付款人。

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.

更令人震惊的是，早在2024年11月25日，Web3Port与Rentech签署了类似的协议，绕过了基金会的审查。 Rentech被标记为文件中“运动”的代表。这表明已经在非正式渠道中提前实施了关键安排，为随后的雷电奠定了基础。

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，加密货币通常应该有一个锁定期，以防止提早出售。但是，在运动事件中，Web3Port通过协议获得了代币并立即将其出售，这成为外部对内幕交易的核心问题。

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.

事件发生爆发后，运动实验室，做市商Rentech/Web3Port，联合创始人和创始人互相指责。运动声称它是被Rentech和Web3Port误导的，而Rentech坚持认为该协议已获得运动批准。目前，该项目已委托新郎湖审计局调查市场的异常情况，并且对许多高管和法律顾问进行了审查。该项目的信誉和治理受到了严重的挑战，而移动的价格绩效在将来也不乐观。

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

这一事件首次详细揭露了营销机制和不透明法律框架的黑暗地区的监督，但值得考虑的是，运动事件可能只是黑暗地区冰山一角。从理论上讲，项目党委托做市商为新令牌提供流动性，并通过买卖业务维持价格稳定和市场深度。但是，在实际操作中，如果缺乏监督或透明机制，营销商可能会被滥用作为操纵市场并秘密转移大量代币的工具，这将损害普通投资者的权利和利益