$BTC

Movement (token code MOVE) is a typical market maker-led case of exploiting retail investors in the cryptocurrency space in 2024. The project emphasizes the concept of "decentralized social networking + on-chain data rights confirmation," leveraging the initial popularity of Web3 social tracks to intensively promote through community KOLs, quickly attracting retail investors' attention.

After launching, the market makers collaborated with the project team to pump the price, raising MOVE from the issuance price of $0.02 to $0.38 in just 3 days, an increase of 1800%. During this period, they continuously released false good news such as "collaborating with top social platforms" and "soon to be listed on top-tier exchanges," enticing retail investors to buy at a high price. When the proportion of retail investors' holdings exceeded 60% and the circulating chips were sufficiently dispersed, the market makers initiated a crash operation, concentrating on selling 66 million tokens within 48 hours, with large sell orders directly breaking through key support levels, triggering panic selling among retail investors, and the token price plummeted to $0.03, nearly halving.

According to on-chain data statistics, the market makers profited $38 million through low buying and high selling, while retail investors suffered an average loss of over 85%. Worse still, after the crash, the project team quickly removed the official website, white paper, and technical documents, shut down the official community, and completely abandoned project maintenance, solidifying the essence of "exploiting retail investors." The core trick of this case is "concept packaging + false good news + concentrated selling," becoming a typical example of the cryptocurrency space harvesting retail investors by leveraging track hype.