On March 26th, Synthetix and Infinex founder Kain Warwick posted on social media, stating that "in the ICO era, projects could hardly complete financing without reaching agreements with multiple 'market makers', with monthly costs ranging from $50,000 to $300,000. Nowadays, these market-making agreements have evolved into option structures, with some market makers manipulating the market through low float mode, shorting at the peak of TGE, buying back at the bottom, exercising options after pulling up the price again, and dumping. SBF's low float mode further fuels this arbitrage strategy. Lately, a new trend is for projects to sell tokens to liquidity funds at a discounted price before TGE, and instruct market makers to sell directly after pulling up the price in low float mode. DWF Labs has used similar tactics to operate Synthetix, first buying coins from the treasury to push up the price, then cashing out by dumping.