$RIVER The drama continues, estimated to be quite interesting. Definitely needs to reach $20.

RIVERUSDT
Perpetual
20.71
+16.29%

1. Rumor has it that River misappropriated over 10 million U in user DeFi deposits (some say 11 million or 12 million) to accumulate chips for market manipulation.

They originally planned to quietly accumulate chips, and then pump and dump once they had enough control. But then—the market maker's (MM's) front-running got counter-traded away! 🐭💸

2. Plot twist: After being "backstabbed," urgently finding a new MM to plug the hole

With the money counter-traded away, it's equivalent to the project team's own hole being exposed. But the story doesn't end there. River's boss urgently found a second MM, refinanced, and plugged the leaked losses.

To maintain control, they continued accumulating chips until the concentration reached an astonishing 99%! 😱

3. Climax: The grand-scale "pump" begins!

After plugging the hole and securing control, River finally launched a spectacular pump!

Someone in the group said: "At first they had River sell at 1400 for spot purchases, then counter-traded 1100 out." —— This move basically treats the market like an ATM!

4. Community feedback: Have the MMs gone completely lawless?

"MMs have gone completely lawless, why doesn't anyone manage this" —— This sentiment voices the frustrations of countless retail investors.

In this market, sometimes project teams and MMs work together, sometimes MMs backstab project teams, but ultimately, it's always the retail investors who don't understand the plot who foot the bill.