The crypto market faces a persistent trust crisis largely tied to market maker behavior. Recent data suggests roughly 9 out of 10 active market makers engage in practices that undermine market integrity—from spoofing orders to wash trading and strategic price manipulation. These tactics erode retail confidence and fragment liquidity.

What's striking is the regulatory disparity. In traditional regulated markets, similar manipulation would trigger serious consequences: multi-year prison sentences, hefty fines, permanent trading bans. Yet in crypto, enforcement remains fragmented and inconsistent.

This asymmetry creates a troubling incentive structure. Without meaningful consequences, the same bad actors keep repeating patterns. Until we see real compliance frameworks and consistent accountability, restoring market trust will remain an uphill battle for the entire ecosystem.