【Analysis: The Movement Labs and Mantra incidents trigger a reflection on the market-making mechanisms in the cryptocurrency market】According to Jincai Finance, the Movement Labs and Mantra incidents have sparked widespread attention in the cryptocurrency market regarding market-making mechanisms. Some executives of Movement Labs have been accused of colluding with their market makers to sell $38 million worth of MOVE tokens in the open market. Meanwhile, the OM token of Mantra plummeted over 90% within hours at the end of April without any significant negative news, raising doubts about the token unlocking arrangements and the transparency of over-the-counter transactions. Analysts believe that these incidents expose the hidden contracts, non-public agreements, and the distorting effects of over-the-counter transactions on token supply and price discovery mechanisms in the cryptocurrency market. Several market-making institutions are reevaluating the risk underwriting processes for tokens and demanding greater transparency from project parties. The Hong Kong market maker Metalpha indicated that it has adjusted its trading structure to emphasize long-term strategic consistency and introduced mechanisms to prevent excessive selling and fake trading volume. Industry insiders pointed out that informal trading in the over-the-counter market is disrupting token supply dynamics and increasing the difficulty for market makers to maintain liquidity.