Something's been bugging me lately. You know how market makers operate in crypto—providing liquidity, managing spreads, all that jazz. But here's the thing: can these guys actually trade on their own personal accounts while doing their MM work? Like, is there anything stopping them from front-running their own order books?

I mean, sure, traditional finance has rules about this. But crypto? It's such a gray area. Even if regulations exist on paper, how would anyone enforce them? Can you really track whether a market maker's "personal wallet" is just... them?

Just thinking out loud here. Would love to hear if anyone knows how this actually works.