Emre Yumlu 
The crypto world is experiencing two of the biggest shakeups of 2025. The allegations surrounding Movement Labs’ MOVE token and the sharp decline in Mantra’s OM token are undermining trust, especially among liquidity providers and market-making firms.
“Trust is no longer automatic, it is engineered,” said Zahreddine Touag, Trading Director at Woorton, emphasizing that the events have left a lasting impact on the market. According to Touag, especially market makers providing large capital support will now demand full transparency regarding token distribution, hidden agreements, and preferential economic rights.
Sudden Crashes in MOVE and OM Tokens
The common element in both the MOVE and OM cases was the exposure of hidden players, suspicious token unlocks, and behind-the-scenes deals following sudden price crashes. OM, in particular, lost over 90% of its value within a few hours at the end of April.
In traditional markets, market makers offer regular price spreads, while in crypto, these firms often do more than just set prices; they gain access to pre-sale allocations, locked tokens, and sometimes become shareholders or advisors in projects. This creates a highly complex ecosystem where tokenomics and private deals become deeply intertwined.
MOVE Scandal Continues to Undermine Confidence
A report released at the end of April alleged that Movement Labs executives collaborated with their own market maker to sell $38 million worth of MOVE tokens. This has led many firms to question their counterparty trust.
A Hong Kong-based market-making firm stated that they now engage in more detailed preliminary discussions with projects and provide more education about how market-making works. It was also noted that new agreement models are being adopted, focusing on long-term strategic alignment rather than short-term profit.
Deals Are Now Under Stricter Scrutiny
Many market-making firms have started to reassess their token risk exposure. As a result, stronger contract structures are being established, legal procedures are being reinforced, and clear enforcement mechanisms for deviations from token unlock schedules are being implemented.
A manager who entered the market-making space in 2021 noted that back then, the market was dominated by “informal trust and high risk appetite.” But now, that picture is changing. Especially after Q1 2024, a more institutional oversight approach is taking root.
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