Crypto Pump & Dumps Have Become the Ugly Norm. Can They Be Stopped? - Ep. 834
Episode publishedPodcast: UnchainedUnchained
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Does Ghostchain still alive with billions of dollars in assets doing nothing? Yeah. It's great. I mean, Ripple is the amazing tech, but no idea what they do. They're the largest old coin. Yeah. Yeah. It's very it's very, very hard to be a founder of crypto these days. Lack of a retail bid is very, is very apparent. Meme coins are up more than most alts this week. AI coins are up more than most alt coins and infrastructure coins this week. It's a tough market. Yeah. And I sympathize with the founders. Hi,
everyone. Welcome to Unchained, your know high resource for all things crypto. I'm your host, Laura Shin. Every episode, we're featuring your comments. Here's what you had to say about Coinbase's recent acquisition of Derabit from my interview with Owen Lau. On x, Mex Dax said, looks like Coinbase just secured a sweeter deal than Donald Trump. Also an x, Astoria Viola said, bruh, derivatives are the real playground, but $2,900,000,000 for Derabit Coinbase? What's the master plan here? Wanna hear a comment on Unchained? Leave it on Farcaster, YouTube, or x. We read every one. This is the 05/13/
there. Thanks for having us. Thanks
for having us, Laura. Praise to you. Thanks
very much. So
the assessable reason we're all here is because of the market making scandal involving movement and two, firms involved in Netwealth Report and Rentec. And this is, involving a report that CoinDesk published that show that these entities appear to have written a contract that seems to kind of, like, plan or at least incentivize a pump and dump on users. And Binance banned the market maker, what report, after it made 70 sorry, $38,000,000 from market making. So that's how the story first began to unravel. But before we get into all those details about that particular case, let's actually just,
Definitely. In short in a short nutshell, been in the space in 02/2017. Literally started in the trenches, ICOs, etcetera. Saw movement and OTC, VCs buying assets like Solana, Atom, DOTS, you name it. And that's where our business in Second Lane started, like, one of the oldest OTCs in the space probably. And we saw this movement on OTC happening, secondary markets, and we just expanded on it and made it bigger. And by now, it's regulated on our end through our broker dealer from The US. So that helps us reach out to potential parties in the space whom never have interacted on OTC side. So tha
I run a company called Styx. We are a trading firm focused on, secondaries and OTC transactions. Primarily, you know, any sort of transactions you hear about, that are private, and not all exchanges go through, basically, over an eyesdesk. That's I was it was small nutshell. Alright.
So let's talk about market making. Let's just talk about it generally. Like, why do they exist? What problem are they trying to solve for token issuers or or just, like, market participants generally? And anybody can anybody can go. So just say since you haven't spoken, maybe you wanna start. I
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