Not sure when it started, but major CEXs have begun the trend of listing token contracts first, then waiting for TGE to list spot trading. Project teams are playing along, hyping up the market in advance to create expectations of X times returns, thereby marketing ICOs and giving rise to countless players who short early or hedge to lock in profits. Exchanges earn fees, project teams raise funds, and users lock in profits early through hedging—it seems like a win-win-win situation. But now liquidity has dried up, secondary market buyers are less willing to step in, and the whales have turned their guns to target arbitrage players. MMT’s controlled liquidation might just be the beginning. Similar top-tier projects include @monad’s MON, @megaeth’s MEGA, and @zkPass’s ZKP. Their contract portions have already gone live, but the tokens are still waiting for TGE. MMT’s playbook could repeat at any time. The crypto space is never short of smart people, but be careful, everyone—don’t spend your whole life playing the eagle, only to have the eagle peck your eyes out in the end.