Why Some Market Makers Got Arrested

Market Makers have a reputation problem - and most of it comes down to confusion about what the job actually is. In this conversation at Tokenized Capital Summit 2026 Miami, Austin Munoz, Investment Partner at Amber Group, pulls back the curtain on how legitimate market making works, why some firms recently saw employees arrested for crossing the line into manipulation, and where he sees the next wave of opportunity heading.

Using a simple but memorable comparison to a pawn shop, Munoz explains why a real market maker should never have a directional opinion on the assets they trade, how positions can unintentionally build up in either direction, and why staying market-neutral is the entire point of the job. The conversation also touches on one of the wildest funding-rate blowups of the year, and why Amber Group is quietly expanding into tokenized equities and beyond.

They discuss:

- Why some market making firms recently faced arrests, and what actually separates legitimate liquidity provision from price manipulation
- The "pawn shop" mental model for understanding what a market maker really does all day
- How market makers can end up unintentionally long or short, and why getting back to neutral is the real job
- The inside story behind a token's brutal funding-rate collapse, and how those setups can trap short sellers
- Why Amber Group is expanding into tokenized stocks and prediction markets, and what that signals about where on-chain finance is headed
- Why transparency, not aggressive trading, is what actually rebuilds trust in market makers

[00:00] Intro
[01:29] Why Market Makers Get Arrested vs. Why Some Don't
[03:18] The Pawn Shop Theory of Market Making
[04:23] The RAVE DAO Funding Rate Collapse
[05:10] What's Next: Tokenized Stocks & Prediction Markets

Speaker: Austin Munoz - Investment Partner, Amber Group
Speaker's X - https://x.com/moon_yose

Follow Gamma Prime:
X - https://x.com/GammaPrime_Com
Website - https://gammaprime.com/
Tiktok - https://www.tiktok.com/@gammaprime.com

Music provided by Soundridemusic
Watch: https://www.youtube.com/watch?v=y5gkdmmnRls&t=6s

Видео Why Some Market Makers Got Arrested канала Gamma Prime