TGE/INDEX Order a review
Market makers

ZM Quant: market maker deal terms and record

ZM Quant was charged by the SEC with civil fraud on 9 October 2024 for alleged wash trading, including on a token the FBI created for a sting. These are charges, not findings; we have not found the outcome.

Charged by the SECPublic deals on record: 1.

Profile

Deal modelspaid volume generation
Legal recordSEC civil fraud charges, 9 Oct 2024: alleged wash trading and manipulation, including on an FBI-created token. Outcome not found as of 19 Oct 2026.

Source: www.sec.gov, grade 5, primary document, checked 2026-10-19.

Public deals

undisclosed clients, 2019-2024

Structurewash trading services (criminal charges)
DetailsSame DOJ/SEC action. Employees allegedly pitched wash trading on video calls, describing use of multiple wallets to make trading look organic. Bots generated quadrillions of transactions and billions in artificial daily volume.
OutcomeSEC civil fraud charges, 9 Oct 2024. SEC alleges wash trading and price manipulation for promoters, and a similar scheme on a token created at the direction of the FBI. Outcome not found as of 19 Oct 2026.
SourceSEC press release, grade 5, primary document, checked 2026-10-19

How market-maker deals usually look

The industry default is a token loan plus a call option. Across about 40 public DAO deals, loans ran at 1% to 5% of circulating supply for 12 to 24 months, with the strike set 25% to 100% above the TGE price, median 50% (WuBlockchain and the Wallfacer deal tracker, grade 4). A second source puts loans at 0.5% to 2% of supply; we show both, because the market has no agreed norm.

Want to see what an option is worth to the desk? Try the option calculator, or read our sample term sheet review. How rarely launches disclose these deals at all: 4 of 57.

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Allegations are reported as allegations, with the outcome where one exists. A written comparison against public data, not legal or investment advice. We take no money from market makers.