#crypto Movement Labs and Mantra Scandal Are Shaking up Crypto Market-MakingForced liquidations, hidden contracts, and backchannel deals are prompting a rethink in how liquidity is structured — and who gets trustedTwo of the year’s most chaotic token blowups — Movement Labs’ MOVE scandal and the collapse of Mantra’s OM — are sending shockwaves through crypto’s market-making businesses.

In both cases, rapid price crashes revealed hidden actors, questionable token unlocks, and alleged side agreements that blinded market participants, with OM falling more than 90% within hours late April on no apparent catalyst.