币圈“徐翔”独家揭秘坐庄黑幕： 割完韭菜，交易所、私募、项目方互杀

在币市过山车般暴涨暴跌的背后，庄家的身影无处不在。而从传统投资领域转战币圈的X先生（化名），就曾操盘管理过数十只币，最高管理上百亿等值人民币的加密货币，高峰期旗下专职下单员团队上百人，圈内人送其外号“币圈徐翔”。

Behind the windmills of the city, the bankers are everywhere. And Mr. X (aliasing) who switched from the traditional investment area to the ring of the currency, managed dozens of coins, managed up to the equivalent of 10 billion yuan in encrypted currency, and a full-time team of 100 individuals under the peak flag, with the ring's nickname “Swig of the currency.”

X先生向添升金融透露，币圈庄家洗盘、拉盘、抛盘，疯狂割“韭菜”，在币价暴跌下，“韭菜”明显不够，交易所、项目方、私募之间互杀……专访X先生90分钟，访谈实录合计上万字，版面所限在这里节选呈现，全文收录在微信公众号“添升金融”，需要的朋友可关注索取。

Mr. X has revealed to Tertiary Finance that the ringkeeper washes the dishes, pulls the dishes, throws the dishes, crochets the hysterics, that under the price of the currency, the hysteria is clearly inadequate, that the exchange, the project side, and the private fundraiser kill each other 90 minutes to interview Mr. X, that the interviews are combined in thousands of words, that the page is limited to excerpts here, and that the full text is recorded in the micro-letter public code “Additional finance”, which can be accessed by friends who need it.

“在没有监管的市场上，个人投资者根本不可能战胜庄家。当下的币圈是个连赌场都不如的市场，很多内幕普通投资者都不知道，看到的很多都不是真实的，这里充斥着骗局和陷阱，是时候该有人站出来说些真话了。”X先生向添升金融（关注微信公众号“添升金融”索取万字实录）如是表示。

“In an unregulated market, there is no way that individual investors can beat the dealer. The currency ring is a market that is not even good for casinos. Many ordinary insiders don't know. Much of what they see is not real. There are frauds and traps. It is time for someone to speak the truth.

看似平滑的交易曲线背后是庄家在操盘，“拉盘砸盘”是币值管理者操作币价的主要方式。

Behind a seemingly smooth trade curve is a man's game, and a “plate-breaker” is the main way for currency managers to operate their currency prices.

“币值管理除了操盘之外，还需要做流动性。”X先生对添升金融（关注微信公众号“添升金融”索取万字实录）表示，币值管理团队根据自己的量化回归策略，不断地“对敲”做虚假交易量；同时还需要专门的人不断地填充小单子，以此将人工拉盘造成的跳空做成平滑曲线。话毕，X先生在白板上迅速画出了一个曲线图，详细阐释了币值管理中洗盘、拉盘、下跌的三个阶段。“私募融资的时候，会做锁仓的操作。锁仓是什么意思？譬如我把20%的币以单价1元/个卖出去了，交换回20000ETH。但是20%并不是初期就放给大家，20%又会被分，其中20%的20%，约总量的4%，初期就释放了，16%会在三个月后释放。也就是三个月后会突然爆发一个16%的流通盘。但是在这个区间，只有4%的流动盘，我有20000ETH的筹码，也就是我的筹码和流动盘是完全不对等的，想拉多少就拉多少。”

Mr. X has quickly drawn a curve on the whiteboard that details the three stages of the currency management washing, pulling, and falling. “In the case of private fund-raising, there will be a lock-up operation. What do you mean, for example, that I sell 20% of the currency at a single price of $1 per unit/person to exchange 20000 ETH? But 20% will not be given to everyone at an early stage, 20% will be split, about 4% of the total, will be released at an early stage, and 16% will be released in three months.”

第一阶段是在7天内让私募投资者赚一点、再赔一点，造成恐慌，让币价波动在200%左右来洗盘。X先生解释，这么做是因为很多人指望开盘暴利，卖掉、赚钱，这种就要把他砸绝望，绝望了就卖。开盘的时候，嗖一下，一根线上去，为什么一根线上去？半夜，没成交量，哐、哐、哐三个台阶下来，让人感觉看不到底。接着横一段时间，不横大家是不出来的，一直横，至少3天。回调一下，这样就把盘洗干净了，可能我让他以投资的价格把这4%（流通盘）洗成了2%，这样庄家再拉盘压力就小了。”

The first stage is to make private investors a little, a little more, a little more in seven days, causing panic, causing currency to fluctuate at about 200% to wash the dishes. Mr. X explained that it was done because many people expected to open the plates, sell them, and make money, and that would be desperate and desperate to sell them. When they opened the plates, they stomped on one line. Why did one line go up? In the middle of the night, there was no deal, there were three steps down, there was no bottom to see. And then there was a time when people didn't come out, and there were at least three days.

接下来就到“拉盘”阶段，在流通盘控制得很好的情况下，直接用自有资金就可拉盘；相反则需要再借一笔钱，配合拉盘。X先生向添升金融表示，“币圈拉盘要拉得急，跌要跌得缓。拉盘要耗筹码，大家反应过来要慢，但是当市场急剧波动的时候，大家不敢卖，横盘的时候才会卖。所以一开始我们哐一根线，尽快涨到高点，然后立刻回落。在暴涨暴跌中，实际上没什么流动性，消耗的资金量也相对可控。”

And then we go to the zipper phase, where we can use our own money directly, when the wheel is well controlled; on the other hand, we need to borrow another amount of money to help with it. Mr. X said to the finance department, "There's actually no liquidity, and the amount of money consumed is relatively manageable."

最后是下跌阶段。X先生介绍，“跌的时候要慢，因为要在跌的时候把自己手上80%的币卖出去。币值曲线并非是直线式下降，而是每一次的高点比上一次高点低，低点也比上一次低点低，并且振幅不断扩大。这种模式的好处是，散户可能会看到W底，造成触底反弹的假象。基本在这个阶段把80%的筹码处理掉。”他补充道，基本上3个月是一个坎，初始私募价也是一个坎。币值管理团队要确保锁仓打开之前，砸到初始私募价的位置，不然锁仓结束之后，拥有16%的币的私募也会把价格砸下来。

Finally, Mr. X introduced, “Slow down, because it sells 80% of its currency when it falls.” The currency curves are not straight-line declines, but are lower at each point than the previous high point, lower at the lower point, and more amplitude. The advantage of this model is that the scatterers may see the bottom of W, creating a pseudo-reflection. Essentially, 80% of the chips are disposed of at this stage.” He added that, basically, three months are a size, and the initial private price is one.

令人震惊的是，币值管理几乎成了上交易所的必备条件，而大部分交易所也都有自己合作的币值管理团队。X先生告诉添升金融（关注微信公众号“添升金融”索取万字实录），“即使是好的币种，也有币值管理团队，只不过是不需要拉盘砸盘，维护好流动性就好。没有币值管理会被下架，因为真实的交易确实没有那么多。交易所不仅要求做到足够的交易量；交易曲线还要平滑，要有利于真实用户的交易。实际上大部分交易所都有自己的币值管理团队。”

Astonishingly, currency management is almost a requirement for entering into an exchange, and most of the exchanges have their own team of currency managers. Mr. X told Timing Finance (concerning the “Additional Finance”) that “even good currencies, there is a team of currency managers who just don't have to pull the plate and maintain liquidity. No currency management is down, because real transactions are not that many. Exchanges not only require sufficient volumes; trade curves are smooth, and transactions are beneficial to real users. In fact, most exchanges have their own currency management team.”

当下的币圈正处于熊市，熊市的逻辑是互杀，负和博弈。X先生表示，“互杀的过程中共有四方力量，分别是交易所、项目方、私募、韭菜。一般来讲，首先是交易所、项目方、私募团结起来，杀韭菜。韭菜的数量急剧锐减后，一级一级向下杀，交易所杀项目方，项目方杀私募。目前是交易所割项目方、项目方割私募的阶段。”

The currency circle is now in Bear City, where the logic is to kill each other, to be negative and to play games. Mr. X said that “the process of killing each other is one of four forces, namely, the exchange, the project side, the private parties, and the cabbage side. Generally speaking, the exchange, the project side, and the private parties are united to kill the cabbage. After a sharp drop in the number of cabbage, the first level is down, the exchange is down, the project side is down, the project side is down, and the project side is killing the private party.

提到交易所杀项目方的手段，X先生有些气愤道，“交易所通过拿押金炒币、凭空借、禁止提现等几种方案将项目方割得非常惨烈。在交易所的战场上，项目方打不过交易所，因为它是在用规则作战。”

Referring to the exchange’s means of killing the project party, Mr. X was angry that “the exchange cut the project very badly through a variety of schemes, such as taking security money, borrowing money, and prohibiting cash withdrawal. On the exchange’s battlefield, the project party failed the exchange because it was fighting by the rules.”

被交易所杀的项目方又是如何割私募的呢？X先生向添升金融（关注微信公众号“添升金融”索取万字实录）表示，“项目方有筹码，他要币价涨需要花成本；要币价跌只要抛售即可，不用花成本。市值管理是割二级市场韭菜，杀私募是直接割一级韭菜。也许下一步，加密货币的私募就将批量倒闭。”

How do the projects killed by the exchange cut their own money? Mr. X asked for a lot of details from Timing Finance (Care for Micro-Credit Public “Additional Finance”) and said, “The project has leverage, and it costs him to raise the price of the currency; if the price is to be sold, it costs no more. Market value management is to cut secondary markets, and suicide is to cut off first class. Perhaps the next step is to shut down the private collection of encrypted money.”

X先生坦言，“币圈没有独立的研究机构和评级机构，因为独立赚不到钱。本质上都是自媒体，做内容，获取流量，然后找项目方要钱。在这个市场上，最懂的是交易所，其次是项目方，最后是投资人。”他建议币圈的普通投资人，主力代币可做波段不可长拿；小币都是庄家控盘，不要被币圈的造富神话迷惑而盲目进场。

Mr. X said, “There is no independent research and rating agency in the currency circle, because independence does not make money. In essence, it is the media, the content, the flow, and then the project side for money. In this market, the best understanding is the exchange, followed by the project side, and finally the investor.” He suggested that the general investor in the currency circle, the main factor, could not be taken for a band; the small currency is owned by the bankers, not blinded by the myths of money-richness.

每日经济新闻

Daily economic news