Wintermute CEO: "Unbelievable that Movement Claims Ignorance of Market Maker Misconduct"
Summary
- Wintermute CEO expressed disbelief at the Movement Foundation's claim of ignorance regarding the market maker's misconduct.
- Web3Port reaped an unjust profit of $38 million through the sale of MASS, which was pointed out to have been conducted without consultation with the foundation.
- The CEO stated that the disclosure of market maker information would help in maintaining market integrity.
The CEO of the virtual asset (cryptocurrency) market maker Wintermute expressed disbelief at Movement's (MOVE) claim of ignorance regarding the misconduct of market makers. Previously, Movement's market maker Web3Port sold 66 million MOVE on Binance, reaping an unjust profit of $38 million.
On the 14th (local time), Evgeny Gaevoy, CEO of Wintermute, stated on the Unchained podcast, "I find it unbelievable that the Movement Foundation claims ignorance of the market maker's misconduct," adding, "It is difficult for a market maker to perform such actions without an agreement with the foundation." He further commented, "The contract between Movement and Web3Port does not align with industry standards," and "The contract stipulating that if the fully diluted valuation (FDV) of MOVE exceeds $5 billion, the protocol and market maker equally share the profits is a method I've never heard of."
Furthermore, he emphasized the need for market maker information disclosure. He stated, "I agree with the opinion that market makers need to disclose a certain level of information," and "Such regulations will help foster a healthy market."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
