據稱，Mantra和相關的做市商操縱了OM令牌的流動性指標

據稱，咒語和關聯的做市商通過利用數據聚合器的自我報告系統中的漏洞來操縱OM令牌的流動性指標

A recent discussion on the latest edition of “The Chopping Block” podcast has sparked controversy over alleged market manipulation tactics used by Mantra and associated market makers to inflate liquidity metrics for the OM token.

關於最新版本的“斬波塊”播客的最新討論引發了關於咒語和相關做市商使用的據稱市場操縱策略的爭議，以使OM代幣的流動性指標膨脹。

Exploiting vulnerabilities in data aggregators’ self-reporting systems, the team reportedly misrepresented circulating supply and trading volume to create the appearance of broader market activity than actually existed.

據報導，該團隊在數據聚合器的自我報告系統中利用脆弱性，歪曲了循環供應和交易量，以創造出比實際存在的更廣泛的市場活動的外觀。

Podcast participants explained that Mantra personnel worked closely with market makers to simulate trading volume. This involved cycling tokens among controlled addresses and exchanges to inflate volume figures without significant organic participation.

播客參與者解釋說，咒語人員與做市商密切合作以模擬交易量。這涉及在受控地址和交換之間循環令牌，以使體積數字膨脹，而無需大量有機參與。

As a result, OM rose to the top 25 assets by market capitalization despite less than 1% of the token supply being genuinely liquid, according to on-chain observers.

結果，據鍊鍊觀察家稱，儘管不到1％的代幣供應是真正的流動性，但OM通過市值升至前25個資產。

The tactic relied on gaps in CoinGecko and CoinMarketCap’s validation processes. Both platforms primarily depend on self-reported data from project teams, cross-referenced with listings on major exchanges and surface-level blockchain analytics.

該策略依賴於Coingecko和CoinMarketCap的驗證過程中的空白。這兩個平台主要取決於項目團隊的自我報告數據，並與主要交易所和表面級區塊鏈分析的列表進行了交叉參考。

However, motivated actors can circumvent these checks by allocating tokens to market makers and orchestrating on-exchange activity that superficially mirrors organic trading, even when retail participation is absent.

但是，積極進取的參與者可以通過將令牌分配給做市商，並策劃對錶面上反映了有機交易的交換活動來規避這些支票，即使沒有零售參與。

This fabricated liquidity collapsed when a large OM holder attempted to liquidate, triggering a 90% price decline within 90 minutes. As participants in the podcast noted, the incident erased billions in market capitalization and exposed the fragility of the asset’s actual trading depth.

當大型OM持有人試圖清算時，這種製造的流動性崩潰了，在90分鐘內觸發了90％的價格下降。正如播客的參與者所指出的那樣，該事件刪除了數十億美元的市值，並揭示了資產實際交易深度的脆弱性。

Potential solutions

潛在解決方案

Industry figures proposed several solutions to address the loopholes that enabled the OM incident.

行業數據提出了幾種解決方案，以解決能夠實現OM事件的漏洞。

One suggestion was to require the disclosure of all market-making agreements as a condition for listing tokens on major exchanges, such as Binance and Coinbase.

一個建議是要求披露所有營銷協議，以作為在benance和Coinbase等主要交易所上市的條件。

Transparent disclosure would reveal if the support for the trading volume is a genuine distribution or primarily orchestrated through incentivized liquidity arrangements.

透明的披露將揭示對交易量的支持是真正的分佈，還是主要通過激勵流動性安排精心策劃。

This concept mirrors practices in traditional finance, where securities filings disclose market-making contracts for public equities. In crypto markets, such disclosures would need to include rebate structures, loan terms, inventory risk responsibilities, and any volume guarantees provided by market makers.

這個概念反映了傳統財務的做法，在該概念上，證券檔案披露了公共股票的營銷合同。在加密市場中，此類披露將需要包括回扣結構，貸款條款，庫存風險責任以及做市商提供的任何量保證。

Another solution discussed was enhanced verification of token distribution claims. Exchanges and data aggregators could implement stricter on-chain validation standards, including wallet audits and assessments of wallet ownership concentration, to ensure that reported circulating supplies are independently verifiable.

討論的另一個解決方案是增強了對令牌分佈主張的驗證。交易所和數據聚合器可以實施更嚴格的鏈上驗證標準，包括錢包審核和對錢包所有權集中的評估，以確保可以獨立驗證報告的循環用品。

Challenges

挑戰

However, participants acknowledged potential challenges. Market makers may resist disclosures to protect proprietary arrangements, and exchanges could face higher operational costs.

但是，參與者承認潛在的挑戰。做市商可能會抵制披露以保護專有安排，交易所可能面臨更高的運營成本。

Additionally, there is also a risk that enforcement without regulatory backing could lead to uneven adoption across platforms, creating opportunities for bad actors to exploit arbitrage.

此外，在沒有監管支持的情況下執法也可能導致跨平台的採用不均勻，從而為不良行為者提供了利用套利的機會。

Despite these hurdles, the consensus on the podcast was that coordinated action by major exchanges could substantially mitigate the issue.

儘管有這些障礙，但播客上的共識是，通過重大交流的協調行動可以大大減輕該問題。

If leading venues mandated transparency for new listings, projects seeking legitimate liquidity access would have strong incentives to comply, potentially driving out practices that undermine user trust and market stability.

如果領先的場地要求對新列表進行透明度，那麼尋求合法流動性獲得的項目將有強烈的激勵措施遵守，並有可能驅散破壞用戶信任和市場穩定性的實踐。

The collapse of OM and the allegations surrounding its liquidity practices have renewed scrutiny on data reporting standards across the crypto industry.

OM的崩潰以及圍繞其流動性實踐的指控對整個加密貨幣行業的數據報告標准進行了重新審查。