据称，Mantra和相关的做市商操纵了OM令牌的流动性指标

据称，咒语和关联的做市商通过利用数据聚合器的自我报告系统中的漏洞来操纵OM令牌的流动性指标

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.

关于最新版本的“斩波块”播客的最新讨论引发了关于咒语和相关做市商使用的据称市场操纵策略的争议，以使OM代币的流动性指标膨胀。

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.

据报道，该团队在数据聚合器的自我报告系统中利用脆弱性，歪曲了循环供应和交易量，以创造出比实际存在的更广泛的市场活动的外观。

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.

播客参与者解释说，咒语人员与做市商密切合作以模拟交易量。这涉及在受控地址和交换之间循环令牌，以使体积数字膨胀，而无需大量有机参与。

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.

结果，据链链观察家称，尽管不到1％的代币供应是真正的流动性，但OM通过市值升至前25个资产。

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.

该策略依赖于Coingecko和CoinMarketCap的验证过程中的空白。这两个平台主要取决于项目团队的自我报告数据，并与主要交易所和表面级区块链分析的列表进行了交叉参考。

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，积极进取的参与者可以通过将令牌分配给做市商，并策划对表面上反映了有机交易的交换活动来规避这些支票，即使没有零售参与。

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.

当大型OM持有人试图清算时，这种制造的流动性崩溃了，在90分钟内触发了90％的价格下降。正如播客的参与者所指出的那样，该事件删除了数十亿美元的市值，并揭示了资产实际交易深度的脆弱性。

Potential solutions

潜在解决方案

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

行业数据提出了几种解决方案，以解决能够实现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.

一个建议是要求披露所有营销协议，以作为在benance和Coinbase等主要交易所上市的条件。

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

透明的披露将揭示对交易量的支持是真正的分布，还是主要通过激励流动性安排精心策划。

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.

这个概念反映了传统财务的做法，在该概念上，证券档案披露了公共股票的营销合同。在加密市场中，此类披露将需要包括回扣结构，贷款条款，库存风险责任以及做市商提供的任何量保证。

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.

讨论的另一个解决方案是增强了对令牌分布主张的验证。交易所和数据聚合器可以实施更严格的链上验证标准，包括钱包审核和对钱包所有权集中的评估，以确保可以独立验证报告的循环用品。

Challenges

挑战

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

但是，参与者承认潜在的挑战。做市商可能会抵制披露以保护专有安排，交易所可能面临更高的运营成本。

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，在没有监管支持的情况下执法也可能导致跨平台的采用不均匀，从而为不良行为者提供了利用套利的机会。

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

尽管有这些障碍，但播客上的共识是，通过重大交流的协调行动可以大大减轻该问题。

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.

如果领先的场地要求对新列表进行透明度，那么寻求合法流动性获得的项目将有强烈的激励措施遵守，并有可能驱散破坏用户信任和市场稳定性的实践。

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

OM的崩溃以及围绕其流动性实践的指控对整个加密货币行业的数据报告标准进行了重新审查。