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得得智库历时数月，对加密货币市场内合约及衍生品交易平台进行深度追踪及分析，完成此次《揭底灰色合约交易平台“十大”隐匿牟利手法》，以求揭露当前市场乱象，警示投资者。
The
钛媒体作者丨链得得
钛媒体注：11月30日，比特币突破2017年12月的高点19666美元/枚，再创纪录新高。截至30日23:15，比特币价格报19800.9美元/枚。据比特币家园网数据统计，全网过去24小时，靠借入资金买入比特币的交易者爆仓2.72亿美金（约17.87亿元）。24小时，共有24163人成为爆仓受害者。
全球加密资产与交易市场在近几个月内迎来新的流动性活跃期。随着加密资产行业基础设施的迅速完善 、交易品类逐步丰富、更大范围的套利机构及传统交易人群进入该市场，使得合约交易为首的衍生产品、工具获得了更多的价值利用空间。
The global market for encrypted assets and transactions has entered a new period of active liquidity in recent months. With the rapid improvement of the infrastructure of the crypto-assembly industry, the gradual enrichment of the trading class, and the entry of larger arbitrage institutions and traditional traders into the market, it has given more value-use space to derivatives and tools led by contract transactions.
也让加密货币市场的合约交易产品成为了交易体系中不可或缺的角色。正是在这样的环境土壤中，许多套着合约交易产品的灰色获利手段，始终蔓延在这个监管与合规缺位的市场。
It also makes the contract-trading product of the crypto-currency market an indispensable part of the trading system. It is precisely in this environment that many of the grey profit-making instruments of the contract-trading product have been spreading throughout this unregulated and non-compliant market.
据链得得了解，现有加密货币衍生品交易所主要分为三类，分别是主要以期货、期权单一产品为主；或二者产品兼有；或实物交割的交易所。
It is clear from the chain that the existing exchange of encrypted money derivatives is divided into three main categories, one for the main purpose of goods, the other for a single product of options, the other for both products; or the other for physical delivery.
但市场发展中永远会存在非法经营，扰乱市场秩序的行为，得得智库历时数月，对加密货币市场内合约及衍生品交易平台进行深度追踪及分析，完成此次《揭底灰色合约交易平台“十大”隐匿牟利手法》，以求揭露当前市场乱象，警示投资者。
But there will always be illegal operations in market development that disrupt market order. For months, the think tank will be able to carry out in-depth tracking and analysis of contracts and derivatives trading platforms in the crypto-currency market, and complete this “Ten-Fifteen-Fifteen-Fifteen-Fifteen-Fifteen-Fifteen-Fifteen-Four-Four-Tracking-Tracking-Tracking” scheme, with a view to exposing the current market turmoil and alerting investors.
揭底灰色合约交易平台“十大”隐匿牟利手法
2020年3月22日，中国央行官方微信账号发文，点名揭露目前虚拟货币交易所存在的刷量严重、恶意宕机、洗钱“三大罪状”。
On 22 March 2020, the Central Bank of China sent a letter to its official micro-account, identifying the current virtual currency exchange as “three counts” of serious, malicious fraud and money-laundering.
随即引发了包括大量主流交易平台在内的“交易所维权事件”，该类维权所针对的也正是央行所罗列的交易所“三大罪状”，警示交易所的不规范行为。
This led to “exchange advocacy”, including a large number of mainstream trading platforms, which also targeted “three counts” of the exchanges listed by the central bank, warning them of irregularities.
得得智库对当前虚拟货币现货、合约及衍生品交易平台的常用套路进行追踪研究，根据其性质将交易所的黑色镰刀手法总结为以下十种类型：
The think tank conducted a tracking study of the current common set of virtual money spot, contract and derivative trading platforms, which, by its nature, summarized the black sickle tactics of the exchange into the following 10 types:
1.利用“客损头寸”攫取利益
1. Use of "guest position" to capture benefits
2.随意修改K线误导投资
2. Randomly modifying the Kline misdirected investment
3.干扰市场流动性讹诈项目
3. Disruption of market liquidity blackmail project
4.擅自挪用用户资金
4. Misappropriation of user funds
5.上线虚假项目
5. Fake items on line
6.扎针、恶意爆仓、服务器延迟、宕机
6. Pin, malign silo, server delay,
7.与资金盘模式项目方合谋
7. Conspiracy with the PfT model
8.虚假交易，交易所“刷量”吸引用户入场
8. Fake transactions, exchange "painting" attracts users
9.无风险保障，诱导用户进行高杠杆交易
9. Riskless safeguards to induce high-leverage transactions by users
10.小型合约交易所，打一枪换一地
本文旨在揭露这些灰色镰刀手法的细节，以警示投资者。
The purpose of this paper is to shed light on the details of these grey sickle tactics to warn investors.
01
利用“客损头寸”攫取利益
在资本交易市场中，所谓“客损头寸”指的是“客户损失的金额”，“吃客损“就是利用客户的损失盈利。
In the capital market, the so-called “guest loss position” refers to the “value of the customer's loss” and the “guest loss” means taking advantage of the customer's loss for profit.
这种现象常见于传统的股票和外汇市场，是交易平台和代理商利用对客户的支配地位使客户损失投资，从而非法盈利手段。
This is common in traditional stock and foreign exchange markets, where trading platforms and agents take advantage of a dominant position over customers to lose their investment, thereby illegally profiting from it.
要了解这种“灰色盈利”手段，首先了解投资损失的钱去了哪里。股票为例，股票是一种价格浮动的虚拟资本，总价并不完全对应真实资本。
To understand this “grey profit” tool, first of all, where the money lost on the investment goes. For example, equities are virtual capital with price fluctuations, and the total price does not exactly correspond to real capital.
从宏观的角度来看，股市的市值是全部股票按照最近成交价进行的加权计算。所谓“蒸发”，就是成交价下跌，造成虚拟资本总值的下降。
From a macro-level perspective, the market value of the stock market is a weighted calculation of the stock stock based on the most recent offer. The so-called “evaporation” is a decline in the transaction price, resulting in a decline in the total value of the virtual capital.
简单来说，股票等资本市场上，你赚到的并不一定是别人赔的钱，而来自股票市场价值的变化。
Simply put, in capital markets such as equities, you do not necessarily earn money at the expense of others, but rather from changes in the value of the stock market.
可在监管空虚、鱼龙混杂的数字加密资产交易领域，用户的交易对手盘就可能发生了重大变化。
There may be significant changes in the counter-opportunity of users in the area of digital encrypted asset transactions that regulate empty and mixed fish stocks.
在众多合约交易平台上，投资人用户通过平台匹配的交易对手，不是系统在整个有效市场深度中最优撮合的交易对象，而是一个个“既当裁判员，又当运动员”的“庄家”。
On numerous contract trading platforms, investors' users match their counterparts through the platforms, not the system's best match in the overall effective market depth, but a “manager” who is “just as a referee and as an athlete”.
这里的“庄家”，有些是平台关联的操盘手、有些是平台关联的代理机构、甚至有些就是交易平台自己藏在后台“化妆”扮演。
The “manager” here is some of the platform-related handlers, some of the platform-related agents, and even some of the trading platforms themselves hide in the backstage “glossy” play.
交易平台和代理商联手“设伏”
trading platform and agent collaborator
所谓“吃客损”，便是交易平台和代理商联手与客户进行对赌。实质上，客户并非与市场进行交易，而是与交易平台和代理商进行交易。
In essence, the customer is not trading with the market, but with the trading platform and agent.
没有监管介入，在平台一方充分掌控的后台数据、交易工具和游戏机制下，投资人客户与其进行合约、杠杆等衍生品交易的对赌游戏，惨烈的结果可想而知。
Without regulatory intervention, under back-office data, transactional tools and game mechanisms fully controlled by one of the Platform's parties, investors'clients are expected to have the most dramatic results of playing games with derivatives such as contracts, leverage and the like.
在数字货币投资领域，利用类似手段进行盈利的交易平台并不在少数。
In the area of digital currency investment, there are not very few trading platforms that use similar instruments for profit.
一位常年从事加密资产投资的知情人士告诉链得得App，在业内知名加密资产数据平台CoinMarketCap（CMC）的榜单上，交易量排名前一百位的加密交易所，尤其是合约交易平台中，至少有一半在利用这种方式进行灰色盈利。
An informed source, who had been investing in encrypted assets for a long time, told the chain that at least half of the top 100-ranked cryptographic exchange, especially the contract trading platform, was using it for grey profits, on the list of CoinMarketCap (CMC), a well-known industrial cryptographic asset data platform.
该名知情人士表示，满币、XMEX、58coin等较为知名的交易所也存在“吃客损”的情况。
According to the source, there were also “feed-and-eat” situations in more well-known exchanges such as full coins, XMEX and 58coin.
数字货币交易所以及合约交易所“吃客损”的主要手法是：先利用代理商吸引客户，在利用信息极大不对称优势，将名义上的撮合交易改为实质上的客户与交易所间对赌。
The main tactics of the digital currency exchange and the contract exchange “eat-and-lost” are first to use agents to attract customers, and to take advantage of the highly asymmetrical advantages of information by converting nominally arranged transactions into substantive inter-client and exchange bets.
启用“插针”（在极短时间内发生在某一方向上的大额交易，K线显示为较长的上影线或下影线）、“定点爆破”（利用剧烈的行情波动使某种合约交易用户全部被平仓）、“服务器波动”（恶意切断在线交易工具的服务响应，主动造成客户无法及时平仓、加保证金等技术操作），甚至“修改K线”（对客户端显示的行情数据进行修改以误导投资者）等手段扩大客户的损失，从中获利。
The use of “plugs” (large transactions occurring in a very short period of time in a certain direction, where the K line is shown to be a longer upper or lower line), “detonated blasts” (where severe swings are used to level out all users of a contract transaction), “server fluctuations” (service responses by maliciously cutting off online trading tools, offering customers to be unable to level their positions in a timely manner, raising bonds, etc.), and even “modification of the K line” (modification of the client's performance data to mislead investors) have increased the loss to the benefit of the client.
具体说，用户在正规交易所进行交易，交易所会对卖家和买家进行撮合。
Specifically, users trade on a formal exchange, which brings together sellers and buyers.
撮合交易就是指卖方在交易市场委托销售定单、买方在交易市场中委托购买定单,交易市场按价格优先、时间优先原则确定双方成交价格并生成电子交易合同,并按交割定单指定的交割仓库进行实物交割的交易方式。
Combining transactions are those in which the seller entrusts sales orders in the transaction market, where the buyer entrusts purchase orders in the transaction market, where the transaction market determines the transaction price on the basis of price preference and time preference and generates an electronic transaction contract, and where the physical delivery takes place at the delivery warehouse designated for the delivery of the order.
在交易所中，往往存在“AB仓”。A仓就是A book，即直通上一级市场，进行撮合交易；B仓就是B book，指与客户对赌。
In the exchange, there is often a “AB warehouse”. A warehouse is a book, which leads directly to the upper market, and a broker transaction; B warehouse is a B book, which refers to a bet against a customer.
这是一种客观需要，当市场流动性不足时，撮合成交的效率非常低下，这时就需要交易平台利用B仓吃下，为市场提供流动性。在大型交易所中，做市商往往会取代B仓的角色。
This is an objective need, and when market liquidity is insufficient, the efficiency of synthesizing transactions is very low, requiring a trading platform to use warehouse B to provide liquidity for the market. In large exchanges, marketing often replaces warehouse B’s role.
而在“吃客损”交易所中，A仓所占比例非常小，甚至全部都是B仓。
In the “eat-and-lost” exchange, the share of warehouse A was very small, if not all, in warehouse B.
客户资金一旦进入B仓，交易所就会成为客户的对手盘。出现的所有亏损都会转变成交易所的盈利。
Once customer funds enter warehouse B, the exchange becomes the counterparty of the customer.
因此，利用与客户在信息和资源上不对等的地位，扩大客户损失就成为了部分交易所的盈利手段。这种不对等的地位还体现在对资金的控制权上。
Thus, by taking advantage of the unequal status of the customer in terms of information and resources, expanding the loss of the customer becomes a profit-making tool for part of the exchange. This disparity is also reflected in the control of the funds.
插针、主动爆单、修改K线这些常用手段之外，想要出逃的用户也会被“服务器波动无法提现”拦截。
In addition to the usual means of needleing, active billing and modification of the K-line, users seeking to escape are also intercepted by “server fluctuations that cannot be cashed”.
在虚拟货币投资市场当中，选择大而可信的交易所几乎成为了“入门须知”，但为什么这些“客损”交易所依然存在呢？
In virtual currency investment markets, the choice of large and credible exchanges has become almost an “introduction” but why do these “off-the-shelf” exchanges still exist?
除了投资者无法控制的投机贪婪属性之外，与代理商“推波助澜”的诱导机制的有关。
In addition to speculative greed that is beyond the control of investors, it is related to the inducement mechanism of agents “to contribute to” it.
代理商的陷阱
agent trap
一位不愿意透露姓名的合约交易投资人告诉链得得App，他于2019年12月在一位“股票操盘手”的推荐下，使用名为58coin的数字货币交易所购入了大量数字货币。
One unnamed investor in a contract told App that he had purchased large amounts of digital currency in December 2019 using a digital currency exchange known as 58coin, on the advice of a “stock handler”.
这位“操盘手”告诉他，“只要把钱投到数字货币市场，并且完全按照他的指令去操作，一个月如果没有赚到200%，就是他无能，随时可以提现。”
He was told by the “player” that “as long as the money is invested in the digital money market and is operated in full compliance with his instructions, if he does not earn 200 per cent in a month, he is incompetent and can be cashed at any time”.
一周之后，他的20万本金就亏损了一半。他告诉链得得App：“后来我亏了一大半想止损，可是平台一直审核不通过，说服务器宕机延迟。”
A week later, he lost half of his 200,000 principal. He told the chain that he had an app: "I lost half of my life, but the platform never went through, saying the server was delayed."
这位投资人也一度怀疑“老师”在“喊反单”。他在几个股票群里提醒群友要当心这个“操盘手”。因此对方很快找到他，为他补偿了一部分损失。
The investor also suspected that the “teacher” was “opposing a counter-list.” In several stock groups, he warned his friends to be careful of this “player.” So the other party quickly found him and compensated him for some of his losses.
经多方联系，一位服务满币交易所的代理商程前告诉链得得App，这些所谓的“操盘手”、“老师”都是交易所的代理商。
After many contacts, an agent of the full currency exchange told the chain that the so-called “players” and “teachers” were agents of the exchange.
大型交易所的代理商会与交易所按比例分配用户交易的手续费，在获客的同时还能提高平台撮合的流动性。
The proportional distribution of user transaction fees between large-scale chambers of commerce and exchanges can also increase the mobility of platforms while receiving customers.
但与普通代理商不同，“客损代理商”不但为交易所提供新的用户，还会利用“喊假单”、“喊反单”的手段使客户亏损，这些亏损则由代理商和交易平台按比例进行分配。客损和手续费同时分成的方式就被称为“打包头寸”或“头寸打包”。
But, unlike ordinary agents, “loss agents” not only provide the exchange with new users, but also use “false-bills” and “reaction-bills”, which are distributed proportionately by agents and trading platforms. The manner in which the loss and handling costs are shared is referred to as “package positions” or “package positions”.
程前以满币交易所为例对链得得App透露，满币共有约50家代理商，其中有一半代理商都会与交易所达成客损分成协议。
Using the full currency exchange as an example, App revealed that there were about 50 agents in the full currency, half of whom entered into a loss-sharing agreement with the exchange.
满币一般会给代理商开出50%-70%的分成比例，大代理商会更多，达到80%-90%。在一些社交平台上，交易所甚至会公开招募代理商。
In some social platforms, the exchange may even publicly recruit agents.
这些代理商往往是分析师和社区负责人，这些人有更强的带客能力，因此也会获得交易所更高的分成比例。
These agents are often analysts and community leaders, who have greater porter capacity and thus a higher share of the exchange.
黄奕华曾是满币网交易所的用户，他向链得得App讲述了自己的经历。他在一个名为“股票投资交流”的微信群中认识了一名“喊单老师”，并在该“老师”的推荐下在满币网购入了数字货币，在亏损之后还被要求继续加仓。
Wong Jinghua, who used to be a user of the full-currency exchange, told Apple about his experience. He knew a “list-call teacher” in a microscopic group called “Specific Investment Exchange” and bought digital currency on the full-currency network at the suggestion of the “teacher” and was asked to keep it up after losing it.
即便一度作为利益共同体，代理商与交易所之间也并不总是铁板一块。一些小型交易所甚至会连带代理商的收益一起消失跑路。
Even at one time as a community of interests, it is not always the same between agents and exchanges. Some small exchanges may even disappear with the agent’s earnings.
“割代理韭菜”，这也是交易所在招募代理商时强调“打包代理日结，随时提币”的原因。
“Cutting agents” is also the reason why the exchange, when recruiting agents, emphasizes “packing agents' daily knots and always raising money”.
普通客户只能忍气吞声
Regular customers can only hold their breath
链得得也联系到一位长期 “喊单”的代理商苏卷，他简单总结了自己从业的一些经验。喊单是一门非常有学问的技巧。
The chain is also linked to a long-standing agent, a roller, who simply summed up some of his experience in his profession. The list is a very well-understood technique.
他们会为客户建立“用户画像”，大体判断客户对投资、数字货币、期货交易等领域的了解程度。“喊单”之前，他们会要求客户提供近期交易记12录、持仓截图，也会去翻阅客户的朋友圈，以拟定策略。
They will create “user graphics” for customers, which will generally judge their knowledge of investment, digital money, futures transactions, etc. Before “calling out” they will ask customers to provide recent transaction logs, hold warehouse screens, and look into their friends’ circles to develop strategies.
苏卷进一步解释，在喊单时，要时刻安抚客户的情绪，尽可能扩大他们的交易频率和交易额：“亏了就告诉他这些亏损没什么，下次交易就能赚回来；赚了就告诉他，如果你刚刚投资了10倍的资金，你现在已经财富自由了。”
It further explains that when you shout out the list, you must at all times appease your client's emotions and maximize the frequency and volume of their transactions: “Tell him that there's nothing to lose and that the next transaction will make it back; and tell him that if you've just invested 10 times as much money, you're free of wealth.”
在这样的中介和平台的联合攻势下，普通客户在交易所和代理商的圈套中几乎毫无反抗能力，但也有例外出现：一小部分执着的客户会要求补偿，并且会尝试报案、组建维权群、在公司楼下拉起横幅。
Under such a combination of intermediaries and platforms, ordinary clients have little resistance in the traps of exchanges and agents, with the exception of a small number of committed clients who seek compensation and who try to report cases, form groups of defenders, and stretch banners beneath companies.
对于这些客户，代理商往往也愿意破财消灾，赔偿他们大部分的损失，以维护自己的“客源”。
In the case of these clients, the agents are also often willing to settle their debts and compensate them for most of their losses in order to maintain their “guests”.
但大部分客户都已经习惯投资虚拟货币的巨大风险，也无法负担维权的高昂代价，因此往往会选择忍气吞声。
Most customers, however, have become accustomed to investing in the huge risks of virtual currency and are unable to afford the high cost of defending their rights, thus often opting for silence.
02
随意更改K线误导投资
部分交易所会利用对用户账户、交易数据的控制权对部分数据进行修改，从而误导投资。
Some exchanges use control over user accounts and transactional data to modify some data, thus misleading investments.
这种情况在小型交易所内尤为常见，由于交易深度不足，这些交易所的行情常常会出现爆发式的大涨或大跌，因此交易所会主动修改盘面数据，以灵活规避或减少在对赌中平台可能或者不愿承担的损失。
This is particularly common in small exchanges, where, because of the insufficient depth of the transaction, there is often a sudden upswing or drop in the course of the transaction, and the exchange will be willing to modify the on-board data in order to be flexible in order to avoid or reduce the losses that the platform may or will not be expected to bear in its bets.
2020年4月2日7点30分左右，比特币迎来了一波拉升。据58Coin全球站显示，BTC永续合约从6598美元直接涨到7284美元。
On April 2, 2020, at around 7.30 p.m., Bitcoin received a boulevard. According to 58Coin Global Station, the BTC contract went up from $6598 to $7284.
当时火币全球站和OKEx皆报价6770美元左右。一位在58Coin平台交易的投资者，随后在投资人维权平台上表示，他设置了7200美元的平仓价格，虽然58Coin当时的K线显示最高价格超过了7200美元（按道理应在7200美元平仓，并获取该价格处的收益），但他的账户却在6680美元处就被强制平仓，损失了大量预期盈利。
At that time, the price was around $6770 for the Firebill Global Station and OKEx. An investor who traded on the 58 Coin platform and subsequently stated on the investor’s rights platform that he had set a flat price of $7,200, although 58 Coin’s K-line showed a maximum price of over $7,200 (which was supposed to be $7,200 and the proceeds of the price), but his account was forced to level off at $6680, resulting in a substantial loss of expected profits.
而很快，作为达到用户设置平仓价格的证据——指示着7284.42美元的这根K线“神秘”消失了。换句话说，这根被消失的K线已无法证明价格曾达到该用户的设定值。
And soon, as evidence of the user’s flattened prices – the “mystery” line of $7284.42 – disappeared. In other words, the missing line of K could not prove that the price had reached the user’s set value.
对于交易平台来说，如果这根最高价格达到7284美元的K线依然存在，那么以此为证据，投资者因被提前低价强制平仓而损失的“额外利润”就需要交易所自身来补齐。
For a trading platform, if this K-line, with a maximum price of $7284, still exists, then evidence of this is that the “additional profits” lost by investors as a result of being forced to level them at an earlier low price will need to be made up by the exchange itself.
4月2日下午，该投资人于在线客服质问平台，58Coin交易所客服回应称：“修了K线”是为了方便用户看盘，且“只修改了插针的那条线”。
On the afternoon of 2 April, the investor went to the online interview platform, and the customer service of the 58 Coin Exchange responded that “Kline has been fixed” to facilitate user viewing and that “only the line of the needle has been modified”.
图/投资者在社交媒体上公开的K线被修改前后截图和客服回应
58Coin官方随后发布公告，称并没有用户因此爆仓，承认了对K线做出修改的事实，只是其对修改行为的解释是为了方便用户看盘。如今，这条官方公告已经无处可寻。
58 Coin subsequently issued an official bulletin stating that there was no user in the store, acknowledging the fact that the K-line had been modified, but that its interpretation of the modification was intended to make it easier for users to read the disc. There is now nowhere to find the official bulletin.
为了避免“插针”带来的损失，58Coin将异常的K线强行抹去，例证了部分交易所可以利用修改行情数据的方式牟利，也就是下一种要说的镰刀手法：插针。
In order to avoid the damage caused by the “plug-in”, 58 Coin forcibly erases the abnormal K-line, as exemplified by the fact that some exchanges can profit by modifying the flow data, i.e. the next sickle technique to be used: needles.
03
扎针、恶意爆仓、服务器延迟、宕机
插针其实就是前文提到的，交易所将价格迅速拉高然后回落，或者迅速下跌然后反弹，体现在K线上就是一根”针“。
In fact, the needle is what was mentioned earlier, and the exchange quickly raises prices and then returns, or falls and bounces back, as shown by the fact that it is a needle on the K line.
图/K线上的“针”
"Put" on
价格发现作为期货主要功能之一，承载了价格对冲稳定和价格预判的功能。 股指期货价格的形成有一套完整、公开、明确且备受规程监管的体系。
Price discovery, as one of the main functions of futures, carries the function of price hedge stability and price foresight. Equity refers to the formation of futures prices with a complete, open, well-defined and regulated system.
集合了股票现货市场价格、成交量、影响现货市场的各种因素，以及交易者对影响现货市场价格因素的预期和投资者心理和行为等重要信息，连同期货市场的价格走势、持仓量、成交量等因素综合而形成。
This brings together stock spot market prices, turnover, factors affecting spot markets, and important information such as traders'expectations of price factors affecting spot markets and investor psychology and behaviour, combined with price trends in futures markets, stock holdings and turnover.
不可能出现与股指现货价格完全脱节的情况。
There can be no complete disconnection from the spot price of the stock index.
但目前绝大多数交易所都使用各自的合约交易指数，合约交割价格形成机制不透明，为扎针爆仓提供了可能性。交易系统不稳定也是收割的常用方式。
But the vast majority of exchanges now use their own contractual trading indices, and the non-transparent system of contract delivery prices offers the possibility of a needle bursting. Instability of trading systems is also a common way of harvesting.
此类交易表现通常是：在市场急剧波动时，由于交易系统不稳定或不专业，出现系统卡顿或宕机问题，甚至将账户进行锁仓，投资者无法对其期货仓位进行调整从而爆仓造成财产损失。
Such transactions usually take the form of property damage due to the volatility or unprofessional nature of the trading system, system Caden or engine problems, or even the locking of accounts at a time when markets are volatile and investors are unable to adjust their futures warehouse.
据互链脉搏消息，国内最早的期货交易所796，曾因期货知名，但因“交易规则设置不够完善，技术架构太简单，无法对交易所进行大手术，只能局部修修补补”，导致被人利用规则漏洞操纵市场，最终只能以关停收场。
According to the interlinking pulse, the oldest futures exchange in the country, 796 were known for futures, but because “the trading rules were not well structured, the technical structure was too simple to perform major operations on the exchange, and only partially repaired” led to the manipulation of the market by people using rule loopholes and eventually closed down.
尽管技术在发展，目前各大交易所仍存在极端行情下交易所系统短时宕机的情况。
Despite the development of technology, there are still extreme weather events in major exchanges where exchange systems are short-lived.
今年3月，央行发布的 315 金融消费权益保护第 8 期专题《不要被虚拟货币交易平台骗了》中也表示，有部分交易平台通过恶意宕机逼迫杠杆交易“爆仓”从而操纵市场，某大型虚拟货币交易平台在一年内共发生系统宕机6次，其中三次为不明原因的突发故障宕机。
In March of this year, the Central Bank issued issue No. 8 on the protection of financial consumer rights, entitled "Don't be fooled by virtual money trading platforms ", which also indicated that part of the trading platforms had manipulated the market through malicious manipulation of “shocks” in leveraged transactions, and that a large virtual currency trading platform had experienced a system crash six times in a year, three of which were undisclosed crashes.
04
通过干扰市场流动性讹诈项目
虚拟货币投资市场交易基本上延续了传统二级市场交易的模式，交易者报价到交易所，由且只由交易所撮合成交，券商和交易所不会自己作为交易对手直接成交。
Virtual money investment market transactions basically continue the traditional secondary market trading pattern, where traders offer offers to the exchange, which is facilitated only by the exchange, and where bond dealers and exchanges do not deal directly on their own as counterparties.
例外情况就是流动性提供者，纽交所称为专家（Specialist），国内称为“做市商”。
The exception is that of a mobile provider known as a specialist (Specialist), known as a “marketer” in the country.
以纽交所为例，大多主板的股票都有一个Specialist负责监看、稳定市场和提供流动性。
In the case of the New Deal House, most stocks have a Specialist who monitors, stabilizes the market and provides liquidity.
我们在关于纽交所新闻中常见的蓝衣人就是他们了。简单来说，他们为交易者进行交易撮合：当市场中交易者不足的时候，交易者试图卖出股票时，他们会以合理的价格买入，并在有人收购时卖出。
They are the blue-coaters that are common in news about New York House. In short, they make deals for traders: when the market is short of traders, when the traders try to sell stocks, they buy them at a reasonable price and sell them when someone buys them.
这点在现在大多数被ECN（自动撮合成交模式）所代替。这样做不仅是提供了短暂流动性，并且为了防止大面积价差或者流动性干涸导致的恐慌性抛盘等现象。
Most of this has now been replaced by the ECN (automatic synthesizing mode). This provides not only temporary liquidity, but also to prevent such phenomena as large price differentials or panic throws caused by drying up mobility.
交易所中的专家们也因此获得了交易所提供的额外优势：交易手续费用是0，并且可以看到整个流动性全貌。在交易种类繁多但交易深度较低的虚拟货币投资市场，做市商的重要性就更加突出。
Experts in the exchange have thus gained additional advantages from the transaction: transaction costs are zero, and the whole liquidity picture can be seen. The importance of doing business is even greater in virtual money investment markets with a wide variety of transactions but a low trade depth.
对于小型交易所和项目而言，交易量不足导致的流动性低下甚至会导致交易所难以正常运转，因此做市商是一种必要的手段。
For small exchanges and projects, low liquidity due to insufficient trade volumes may even make it difficult for the exchange to function properly, making doing so a necessary tool.
他们往往直接受雇于项目，为该项目代币在各个交易所提供流动性，提高投资者的交易体验。
They are often directly employed in the project, providing liquidity for the project's tokens on various exchanges and enhancing the trading experience of investors.
也正是因为直接受雇于项目的特点，让做市商成为了部分交易所的“收割”对象。在传统股票市场和大型数字货币交易所当中，做市商与交易所是互惠互利的共生关系，因此交易所会为做市商提供额外优势以降低其运作成本。
And it is precisely because they are directly employed in the characteristics of the project that marketers are targeted for “harvesting” in part of the exchange. In traditional stock markets and large digital currency exchanges, doing business is a mutually beneficial symbiotic relationship, so the exchange provides additional advantages for doing business in order to reduce its operating costs.
但当做市商受雇于项目，这种互利的局面就会被打破：项目需要做市商提供流动性，但对交易所全局而言，单个项目的做市商对市场流动性帮助不大。
But when a marketer is employed on a project, this mutually beneficial situation is broken: the project requires a marketer to provide liquidity, but for the exchange as a whole, a marketer for a single project does not help the market.
“收割”做市商不但不会对交易所全局造成影响，被收割的做市商和项目也不会顶着巨大的成本选择与交易所分道扬镳。
In addition to the fact that “harvesting” is not going to have an impact on the exchange as a whole, the harvested marketers and projects will not be separated from the exchange at large in terms of cost choices.
交易所如何“套路”项目与做市商
How the Exchange “Stand-Stand-Stand” Project and Marketplace
一位资深流动性提供商告诉链得得App，交易所“收割”做市商的主要手段是利用无手续费、无交易延迟的支配地位干扰做市商交易，从做市商用于交易的资金池中“吸血”。
A senior liquidity provider told App that the main means of the exchange's “harvesting” as a marketer was to “smoking blood” from the pool of money used by the marketer for the transaction, using a dominant position free of charge and without delay in the transaction.
具体来说，做市商的基本操作是，在盘口的卖一和买一价之间，插入委买单和委卖单，如果插入的两个单子都成交的话，做市商就吃到了买卖单之间的价差。
In particular, the basic operation of being a marketer is to insert a purchase order and a sale order between the sale of a plate and the purchase of a price, and if both lists are entered into, the marketer receives the price difference between the purchase and sale order.
如果暂时无法成交，做市商会自己将两个单子吃下。而整个过程结束后，做市商所持有的头寸并没有变化。
If the deal cannot be concluded for the time being, the Chamber of Commerce itself will eat the two sheets. When the process is over, there will be no change in the position held by the market.
如果买卖单之间的价差（也被称为盘口间隙）扣除各种交易手续费之后还有盈余，那么该做市商就获得了相应的盈利。
If the difference between the purchase and purchase orders (also referred to as the cut-off gap) results in a surplus after deducting transaction fees, then the marketer earns a corresponding profit.
试图“收割”做市商的交易所会主动吃掉价格较低的卖单，转手以更高的买单价卖出。为了维护流动性，做市商会在付出价差和手续费的情况下吃下交易所的卖单。如此循环，做市商会始终处于亏损的状态。
An exchange that tries to “harvest” the market will eat the lower-priced bill and sell it at a higher price. In order to maintain liquidity, the local chambers of commerce will eat the exchange’s bill at a price differential and a charge.
一位接近Bitmax交易所的做市商告诉链得得App，Bitmax甚至会在做市商和交易所不知情的情况下主动控制做市商账号进行“自成交”，通过前述方式掏空做市商的交易底仓。
A marketer close to the Bitmax exchange told the chain that Bitmax would even take the initiative of “self-dealing” as a market account without the knowledge of the market and the exchange, vacating the market's bottomroom by way of the foregoing.
在这之后，Bitmax还会主动向项目方提出，交易所代替其做市商团队为项目代币提供流动性，但每月需付出数千美元的“交易成本”。在这位做市商看来，这与“保护费”无异。
After that, Bitmax also offered to the project party that the exchange would provide liquidity for the project in lieu of its market-based team, but that it would cost thousands of dollars a month of “transaction costs.” In the view of the market-based vendor, this was no different from the “protection fee”.
05
擅自挪用用户资金
即交易所员工或交易所本身，未经许可以违规形式擅自挪用用户资金。
That is, the exchange's employees or the exchange itself embezzled user funds without permission and in an irregular manner.
2018年3月8日，日本金融厅（FSA）公布对多家数字货币交易所处以行政处罚。
On 8 March 2018, the Japan Financial Office (FSA) announced administrative penalties for multiple digital currency exchanges.
Bit Station因为缺乏保护客户资产的适当程序，被勒令停业一个月进行整改，并被要求在3月22日之前提交整改方案，原因则是因为被发现员工擅自挪用客户资金。
Bit State was ordered to close down for one month for lack of proper procedures to protect the assets of its clients and was required to submit a restructuring programme by 22 March, owing to the discovery of unauthorized misappropriation of customer funds by its employees.
一同被命令整改的还有Coincheck 、Tech Bureau、GMO Coin、Bicrements和Mr. Exchange等五家交易所。
Five exchanges, Coincheck, Tech Bureau, GMO Coin, Bicrements and Mr. Exchange, were also ordered to restructure.
2019年1月18日，韩国仁川西部警察署透露，总部位于仁川市西区的某虚拟货币交易所的用户以诈骗为名起诉了交易所前代表理事等相关人员。
On 18 January 2019, the Korea Incheon Western Police Service disclosed that users of a virtual currency exchange based in the western part of Incheon city had sued, in the name of fraud, persons such as the former Trade Exchange representative director.
据该交易所用户控告，该交易所不返还用户之前存入该交易所的押金，确认的受害用户已有60人，整体损失规模至少达数百亿韩元。警方正在取证调查并传唤提交起诉书的用户和该交易所的负责人。
According to the exchange users, the exchange does not return the deposits previously deposited with the exchange, and 60 users have been identified as victims, with an overall loss of at least tens of billion won. The police are investigating the evidence and summoning the users who filed the indictment and the head of the exchange.
2019年12月25日， 加密货币交易所 BitGoGo发布公告称，Bitgogo交易所发布公告称暂将部分用户数字资产（包含BTC、ETH、EOS、LTC、BCH、BSV、ETC以及USDT）按照180天且年化20%收益进行冻结理财，以上数字资产于2019年12月25日00：00全部冻结并开启理财，180天理财到期交易所会解锁冻结资产并兑付理财收益。
On 25 December 2019, the Encrypted Currency Exchange BitGogo issued a circular stating that the Bitgogo Exchange had issued an announcement stating that some user digital assets (including BTC, ETH, EOS, LTC, BCH, BSV, ETC and USDT) were temporarily frozen for 180 days and 20 per cent annualized earnings, which were frozen and opened at 0000 hours on 25 December 2019, and that the 180-day financial maturity exchange would freeze assets and pay the proceeds.
06
上线虚假项目
部分交易所会通过上线劣质、甚至虚假项目实现“割韭菜”的目的。链得得App经过调查发现，市场上的此类项目并不在少数，甚至已经演化出了完整的产业链条。
Part of the exchange achieves the goal of “cuttering” through poor-line, or even false, items. Upon investigation of App’s chain, it is found that such projects in the market are not few and have even evolved the entire industrial chain.
其中较为典型的项目是由NGC投资、PGS进行社区传播、在MXC进行交易的印度项目SPOKKZ。
The more typical of these projects is the Indian project SPOKZ, where NGC investments, PGS for community dissemination, and MXC for trading.
SPOKKZ是印度流媒体服务商Spuul推出的区块链项目，旨在将区块链技术引入流媒体服务，将其代币Spokkz作为社区互动的奖励发放给观众，观众可以用这些代币购买付费内容，包括订阅宝莱坞的电影、连续剧、翻译字幕、剧评等，去年12月上线抹茶交易所。
SPOKKZ is a block chain project launched by Spuul, an Indian media service provider, which aims to introduce block chain technology into stream media services and distribute its token Spokkz to viewers as a reward for community interaction, with which they can purchase payment content, including subscriptions to Bollywood films, serial dramas, translation subtitles, drama reviews, etc., and last December's online tea exchange.
链得得App曾在今年3月对该项目进行了调查，发现该项目存在欺骗投资人、多次违约、负责人失联的情况。
The project, which was investigated in March this year by Apple, found that the project had been defrauding investors, committing multiple breaches and disassociating those responsible.
在4月库币国际发布的“匹诺曹计划”的首期不良项目名单中，SPOKKZ也因项目违约榜上有名。
SPOKZ is also on the list of non-compliance with the project in the first negative list of projects published in April by Coin International's Pinocchio Project.
在3月的调查中，链得得发现，SPOKKZ为了在抹茶交易所免费上币，在未通知投资人的情况下擅自更改了发币规则，并将私募投资者的代币锁定了六个月。
During the March survey, it became apparent that SPOKKZ had changed the currency rule without notifying the investor and had locked the private investor's tokens for six months in order to pay the exchange free of charge.
资本、社群、交易所如何联手
Capital, communities, exchanges how to work together
一位知情人士告诉链得得App，SPOKKZ擅自更改发币规则正是出于其主要投资人NGC Ventures的授意。
An informed source told the chain that SPOKZ's unauthorized change of currency rules was motivated by its main investor, NGC Ventures.
他表示，SPOKKZ项目的进度在2019年12月上线二级交易所之前实际上已经接近停摆状态。
He indicated that the progress of the SPOKZ project was in fact close to a standstill before the start-up of the secondary exchange in December 2019.
另据一位2018年就参与投资了Spokkz的投资人表示，项目方从2019年起就停止了对投资者报告开发进度，并且在长达15个月的公募期里不断以休假等理由拒绝与投资人沟通，社交账号无人问津，telegram社群中也没有人回答投资者的问题。
Another investor, who had invested in Spokkz in 2018, said that the project had stopped reporting development progress to investors since 2019 and refused to communicate with investors on grounds such as leave during a 15-month period of public solicitation, that social accounts were missing, and that no one in the Telegram community had answered investors'questions.
2019年12月，SPOKKZ上线抹茶交易所，随后走出了一个诡异的曲线：进入二级市场的一个月之内，Spokkz行情一路走跌，1月15日跌至0.068美元，跌幅达73%。
In December 2019, SPOKZ went on to the tea-painting exchange and then came out of a strange curve: within a month of entering the second-tier market, Spokkz fell all the way down to $0.068 on 15 January, a 73 per cent drop.
1月27日，Spokkz又一反常态，单日上涨了78%。2月1日，Spokkz行情又开始紧跟比特币，在长达一个半月的时间里保持0.00002660 BTC，波动幅度甚至小于1%。
On 27 January, Spokkz was again anomalous, rising by 78 per cent on a single day. On 1 February, Spokkz began to follow Bitcoin closely and remained at the rate of 0.000,2660 BTC for a month and a half, with fluctuations of even less than 1 per cent.
在经历过一轮暴跌后，Spokkz行情转而开始紧跟美元，在一个半月的时间里保持0.04美元，波动幅度同样小于1%。
After a round of crashes, Spokkz began to follow the United States dollar closely and remained at $0.04 for a month and a half, with an equally low volatility of less than 1 per cent.
出现这种诡异的行情唯一可能的原因就是交易所和资本操作。参与了SPOKKZ早期投资的投资人告诉链得得App，NGC Ventures是SPOKKZ最大的早期投资人。
The only possible reason for this strange behavior is the exchange and capital operation. Investors involved in the early SPOKZ investment told App that NGC Ventures were the largest early investor in SPOKZ.
查询SPOKKZ的白皮书也可以看到，在顾问一栏中，NGC创始合伙人Roger Lim赫然在列。这位投资人曾表示，将联合Spokkz主要投资机构NGC一起以法律手段解决SPOKKZ的违约问题，但NGC却不置可否。
A reference to the SOKKZ White Paper also shows that in the consulting column, Roger Limh, the founding partner of the NGC, was listed. The investor said that a legal solution to SPOKZ's non-compliance would be to join the main Spokkz investment agency, NGC, but NGC would not be able to do so.
一位接近NGC Ventures的知情人士告诉链得得App，SPOKKZ违约上线的主要推手正是NGC，NGC当然不会因为违约将SPOKKZ告上法庭。
An informed person close to NGC Ventures told App that it was NGC that was the main driver of SOKKZ's breach of contract, and that NGC would not, of course, bring SOKKZ to court for breach of contract.
他表示，NGC向SPOKKZ承诺，可以免费让其token在抹茶交易所进行交易。NGC将联合抹茶交易所进行推广、拉盘和减持，最终收益的30%归项目方所有。
He said that the NGC promised SPOKKZ that it would be able to trade totoken at the tea market free of charge.
2019年12月，SPOKKZ开始在模式币项目PGS的社群中进行推广，并在社区中空投了糖果。
In December 2019, SPOKKZ began to promote the PGS model money project in the community and dropped candy in the community.
伴随着两次跳水行情，SPOKKZ项目代币SPKZ在7月底价格约0.018美元，不足发行价的7%。
The SPOKZ project was accompanied by two dives, at the end of which SPKZ was priced at about US$ 0.018, less than 7 per cent of the issue price.
在交易所中，这类项目并不在少数，除SPOKKZ外，VID、XanPool、MultiVAC也是类似手法的产物。横向对比不难发现，上述四个项目的共同点有不少：NGC领投，在抹茶交易所进行交易，在PGS社群中推广。
In the exchange, such projects are not rare; apart from SPOKKZ, VID, XanPool, and MultiVAC are also the products of similar techniques. A horizontal comparison shows that there are a number of common elements in the four projects: the NGC offers, deals at the tea exchange, and promotes them in the PGS community.
不难总结出，在这类收割手法中，包含投资方、交易所和社区三个角色。投资方负责寻找类似SPOKKZ的海外劣质项目并进行接洽，交易所负责拉盘和减持，社区负责项目推广。
It is easy to conclude that these harvesting methods include three actors: investors, exchanges, and communities.
07
与资金盘模式项目方合谋骗
得得智库曾在《2018上半年100大传销币清单》中提炼传销币基本规律如下：
In the list of 100 grandes in the first half of 2018, the think tank developed the following basic rules for the distribution of coins:
1、传销头目在国内或国外注册成立空壳公司并设立网站，通常巧立慈善、理财、游戏、医疗研究等明目，以建立大众初步信任。
1. The marketing leaders register to form shell companies and to set up websites, whether in the country or abroad, usually with the knowledge of charity, money, games, medical research, etc., in order to build initial trust among the general public.
2、通过微信、QQ群、讲座等形式大力度宣传某种“虚拟货币”的价值，有些甚至配以专门的公关进行网络洗白以打消会员疑虑。
The value of a “virtual currency” has been promoted with great effort in the form of micro-letters, groups of QQs, lectures, etc., and some have even been accompanied by a dedicated public relations web-cleaning to dispel members' doubts.
3、以多至百倍收益的“高额返利”为噱头，吸引众多人的参与，经营模式通常为“交入门费”、“拉人头”、“组成层级团队计酬”这三点，不断吸纳会员会费达到敛财目的，具体形式为：
3. With a “high return” of up to 100 per cent of earnings, which attracts a large number of participants, the business model usually consists of the following three elements: “initiation fees”, “pull heads”, “making up hierarchical teams” and continuously absorbing membership fees for financial purposes, in the form of:
1）交纳或变相交纳入门费，即交钱加入后才可获得计提报酬或者发展下线的“资格”；
1) Payment or transversal entry fee, i.e. the payment of a fee to be added to a “competence” to be paid or to be developed below the line;
2）直接或间接发展下线，即拉人加入，并按照一定顺序组成层级；
2) direct or indirect development of the bottom line, i.e. bringing people in and forming the hierarchy according to the order;
3）上线从直接或间接发展的下线的销售业绩中计提报酬，或以直接或间接发展的人员数量为依据计提报酬或者返利。
(3) On-line payments are made from sales performance on the bottom line of direct or indirect development, or on the basis of the number of persons who have developed directly or indirectly, or on return.
4、最终往往因无下线加入该项目，该项目会员因不能将数字代币兑换成现金，资金链断裂而案发。
In the end, the project was often added to the project by means of the unwieldy process, in which members were unable to convert digital tokens into cash and the funds chain broke.
从2019年至今，资金盘开始进入加密货币行业，以各类玩法活跃在各大交易所中。
From 2019 to the present, the Treasury began to move into the crypto-currency industry, which is active in major exchanges with various kinds of games.
最为代表的就是PlusToken钱包，公开资料显示，仅 PlusToken 这个资金盘项目，涉案人数就高达 300 万，涉案资金高达 200 亿元。
The most representative is PlusToken's wallet, which, according to public sources, alone is a fund-plate project involving up to 3 million people and up to 20 billion yuan.
另外一个在交易所极度活跃的就是V-Dimension 共振币（VDS） ，VDS在2019年的两个月内，从最初的 2 元涨到最高点 80 元，涨幅4000%。
The other most active on the exchange was the V-Dimension Resonance (VDS), which rose from the initial $2 to the peak of $80 in two months in 2019, with an increase of 4,000 per cent.
第一个靠收割这波流量崛起的交易所，是 MXC，江湖人称“抹茶交易所”。
The first exchange to rise by harvesting this wave flow is MXC, known by the people of the river as the Tea Steak Exchange.
2019 年 2 月，抹茶发布公告称，MXC 创新区将上线“共振币”VDS 而无惧VDS资金盘属性，明目张胆推广VDS的就是抹茶交易所。也是因为VDS，抹茶交易所在2019年的一段时间内风头无二。
In February 2019, a tea-painting announcement was issued that the MXC Innovation Zone would go on-line to “resonance” VDS without fear of VDS fundboard properties, and that VDS would be promoted openly by the Tea Exchange. Also because of VDS, the Tea-painting Exchange had its head in a period of time in 2019.
08
虚假交易，交易所“刷量”吸引用户入场
2019年3月，Bitwise在向SEC提交的报告中指出比特币市场“刷量”行为严重，全市场真实交易量约为报告交易量的4.5%，仅有10家交易所能够报告真实交易量。
In March 2019, Bitwise, in its report to the SEC, stated that the Bitcoin market was heavily “brushed”, that the real volume of transactions on the whole market was about 4.5 per cent of the volume reported, and that only 10 exchanges were able to report the true volume of transactions.
此报告是研究机构首次通过公开渠道发表关于“刷量”的研究，市场参与者对这一结果表示震惊。
The report was the first time that research institutions had published a study on “brushing” through open channels, and market participants had expressed alarm at the results.
同年4月，BTI 发布加密货币交易所《市场监督报告》显示，CoinMarketCap中 Top 25的交易所有17家有99％+的假交易量，调整后的交易量排名前50名的交易所中有35个假交易量超过99.5％。
In April of the same year, BTI published the Market Surveillance Report of the Encrypted Currency Exchange, which showed that 99 per cent of all 17 Top 25 transactions in CoinMarketCap were fake transactions, and that 35 of the top 50 adjusted exchanges had fake transactions in excess of 99.5 per cent.
图/虚假交易量中USDT占67.3%，来源：BTI
USDT accounted for 67.3% of 7月，市场流动性与场外交易提供商Alameda Research发布相关研究报告，并持续公布真实交易量监控数据。 In July, market liquidity and off-site transaction providers, Alameda Research, published relevant studies and continuously published real-transaction volume monitoring data. 其结果显示，截止2019年9月25日，加密货币市场中有66.4%的交易量为虚假成交。 The results showed that, as of 25 September 2019, 66.4 per cent of the transactions in the encrypted currency market were false transactions. 10月， TokenInsight10月发布的《交易所真实交易量报告（上） 》显示，30家主流交易所中，36%的交易所（11家）真实交易量比例高于80%；近50%的交易所（14家）真实交易量比例不足一半。 In October, TokenInsight published the Exchange Real Transaction Report (Up) in October, showed that 36 per cent of the 30 major exchanges (11) had real transactions above 80 per cent; and nearly 50 per cent (14) had real transactions of less than half. 值得特别注意的是，超过25%（8家）的交易所的真实交易量占其报告成交量的比例低于20%。 Of particular note is the fact that more than 25 per cent (eight) of the exchanges account for less than 20 per cent of their reported transactions. 09 无风险保障，诱导用户进行高杠杆交易 目前各大个月交易所和“合约”业务从交易逻辑到操作规程，均满足期货的显着特征：高杠杆、保证金、强制平仓、周月季度交割期、标准化合约、平台集中交易、套期保值功能宣传等。 Current major monthly exchanges and “contracts” operations, ranging from transaction logic to operational protocols, meet the salient features of futures: high leverage, bonds, mandatory silos, weekly quarterly delivery periods, standardized contracts, platform concentration, hedging function promotion, etc. 而期货本身就是高风险投资，不属于一般投资理财方式。传统金融市场中，期货投资对于交易者的审核会相对来说比较严格，但在加密货币市场基本没有操作门槛，部分交易所甚至主打合约，力推合约交易。 Futures are a high-risk investment in their own right and are not part of the general approach to investment finance. In traditional financial markets, futures investments can be relatively rigorous in their scrutiny of traders, but there are virtually no operating thresholds in the crypto-money market, and some exchanges are even contract-driven, pushing for contract transactions. TokenInsight数据显示，2020年第三季度，数字资产衍生品市场成交量报$2.7万亿，较上季度环比增长25.1%，较19年第三季度同比增长159.4%。 TokenInsight data show that in the third quarter of 2020, the market for derivatives of digital assets turned at $2.7 trillion, an increase of 25.1 per cent over the previous quarter and 159.4 per cent over the third quarter of 19 years. 现货全市场成交量较上季度环比下降约26.5%，较19年第三季度同比下降12.2%。在这些交易当中，大部分都是10-20倍的大额杠杆，部分交易所甚至会提供100倍的巨额杠杆，这在传统金融衍生品市场是难以想象的。 The stock-to-market turnover was about 26.5 per cent lower than the previous quarterly round, and 12.2 per cent lower than the same year in the third quarter of 19 years. Most of these transactions were highly leveraged 10-20 times, with some exchanges providing even 100 times greater leverage, which was inconceivable in traditional financial derivatives markets. 一位资深前交易所从业者告诉链得得App，由于目前高杠杆的数币合约市场整体尚处于摸索期，各种规则依然不完善，个人投资者整体上不具备相应的认知水平和风险承受控制能力。 A former senior exchange operator told App that since the current highly leveraged market for several currency contracts as a whole is still in a state of disarray, rules remain imperfect and individual investors as a whole do not have the corresponding level of awareness and risk containment. 在这些大前提的共同作用下，向普通个人推广所谓的“合约”是不道德的。对于这些投资者来说，高杠杆实际上与赌博无异，他们很容易被合约专业性给迷惑，从而不知不觉把合约当成赌博，造成不可逆转的后果。 It is immoral to promote so-called “contracts” to ordinary individuals in the context of the combined effect of these broad premises. For these investors, high leverage is virtually the same as gambling, and they can easily be confused by the professional nature of contracts, thus unwittingly treating them as gambling, with irreversible consequences. 10 小型合约交易所，打一枪换一地 合约交易所兴起后，市场里还出现了新型诈骗模式。 New forms of fraud have also emerged in the market as a result of the emergence of a contract exchange. 即诈骗团伙背后谋划，通过利益分成、头寸和手续费佣金的方式组织国内的宣传团队对其交易所进行拉新，新上线的仅仅是无任何技术、资金实力支持的小交易所，等到了“收割期”，诈骗团伙会继续搭建并宣传新的交易所进行行骗。 That is to say, the schemes behind the fraud syndicates, the organization of domestic advocacy teams to renew their exchanges through the sharing of interests, positions and fees, and the mere presence of small exchanges without any technical or financial support, and the “harvesting period” in which the fraud syndicates will continue to build and promote new exchanges. 虚假交易所的性质和网络诈骗类似，诈骗者会组织团队骗投资人进入各类交流群，同时群内配备“指导老师”和其他业务员冒充的托，骗子团伙相互配合引导投资者到虚假平台开户并交易。 The nature of a false exchange is similar to that of cyber-fraud, and fraudsters organize teams to lure investors into various groups, while groups are equipped with “teaching teachers” and other business people to pretend that consternation groups work together to guide investors to open accounts and trade on false platforms. 而交易所实际上是虚假网站，无交易功能，甚至连K线和交易信息皆为虚假信息。 The exchange, on the other hand, is in fact a false website, with no transactional function, and even K-line and transactional information is false. 2018年10月8日，据《江苏公共·新闻》栏目报道，江宁女孩小邓因轻信“网恋男友”的话，在其推荐的虚假比特币平台被骗270万元，且倒欠6万多美元。 On 8 October 2018, according to the Jiangsu Public & Middot; News article, the Jiangning girl, Jr., was defrauded with $2.7 million and owed more than $60,000 on the false bitcoin platform that she had recommended, in light of the words of her “net lover”. 据悉，9月28号，南京江宁警方成功捣毁了一个特大跨省网络诈骗团伙，抓获涉案人员70余人。现场共查获涉案电脑100余台，手机80余部，虚拟拨号器30余台，以及多张比特币的虚假K线走势图。 According to the information received, on 28 September, the Nanjing Jiangning police successfully dismantled a mega-inter-provincial network fraud ring and captured more than 70 people. Over 100 computers, 80 mobile phones, 30 virtual dialers and several false K-line maps of Bitcoin were found at the scene. 2020年4月20日 ，太原警方在1月14日接到报警称，2019年12月至2020年1月期间，受害人李某在某虚假比特币平台“投资”，被骗126.3万元。经查，该犯罪团伙组建于2019年10月初，在3个月时间内，大肆对国内受害人实施诈骗，涉案资金近亿元。 On 20 April 2020, Taiwon Police received a report on 14 January that the victim Li was “invested” in a false bitcoin platform between December 2019 and January 2020 and that he had been defrauded 1.26 million yuan. The group was found to have been formed in early October 2019 and, in a three-month period, engaged in extensive fraud against the country’s victims, amounting to close to billions of yuan. 太原当地警方近日破获一起特大跨国电信网络诈骗案，抓获犯罪嫌疑人35名。该案涉案资金近亿元。 Taiwon local police have recently uncovered a case of fraud by a mega-transnational telecommunications network and captured 35 suspects. 有消息人士对链得得表示，曾有团队联系他合作推广永续合约交易所，并要尽可能拉币圈用户，股民不要拉，称其亏损了难以承受。 According to sources, he had been contacted by a team to promote a permanent contract exchange and, to the extent possible, to draw on the circle of users, the stockholders did not want to do so, claiming that their losses were unaffordable. 同时，该团队还对其表示，团队每年会换个名字，此前叫Zealscoin，现在是以Bitfirst的名义在市场上运转。并且表示这种交易所在国内有几百个。 At the same time, the team indicated to it that it would change its name every year, formerly Zealscoin, and now operates on the market in the name of Bitfirst, and that there are hundreds of such exchanges in the country. 律师释法：被侵权的投资人如何使用法律武器维权？ 链法团队郭亚涛律师对链得得表示，根据国内的法律来看，如果是因平台系统导致的投资者损失，在证据充分的前提下，理论上应由交易平台承担责任，而且这种责任应当是“足额的赔偿责任”，而不是所谓的“比例补偿“。 Mr. Guo Yatao, a chain-of-law team, expressed the view that, under domestic law, in the case of investor losses resulting from platform systems, the trading platform would in theory be liable, subject to the availability of sufficient evidence, and that such liability should be “full liability” rather than “proportional compensation”. 毕竟，交易平台提供的就是交易服务，赚取的也是用户的交易服务费，交易平台有明确的义务来源，有义务保障用户的顺利、安全交易。 After all, the trading platform provides transactional services, earns transactional services from users, has a clear source of obligations and has an obligation to guarantee smooth and secure transactions for users. 链法认为，针对币圈的交易平台宕机、“拔网线”及其他问题引发的用户维权事件，对于用户而言，难度很大，仅仅想要把交易平台拉入到法律程序当中，就面临着“两座大山”： The chain approach considers that user rights enforcement events arising from currency-bound trading platforms, “wiring” and other issues are difficult for users and face “two great mountains” simply to bring the trading platforms into the legal process: 第一、“幽灵主体”，即交易平台的运营主体难以确定。 First, the “phantom subject”, i.e. the operator of the trading platform, is difficult to determine. 以FCoin为例，所谓“社区化”让其甚至不存在一个网站背后的实际运营主体，如果不是张健自认，甚至需要一系列举证来“穿透社区化运营面纱”才能定位到具体的责任承担主体。 In the case of FCoin, for example, so-called “communityization” leaves it without even an actual operator behind a website and, if not a self-confident, requires a series of proofs to “ penetrate the community-based operational veil” in order to position itself as a specific duty-bearer. 此外，眼看着各大交易平台在国内风生水起，国内主体是谁、团队在哪里办公、负责人是谁，明明大家周知的事情，但是当出现纠纷时，用户却不能在国内法院。 Moreover, while the main trading platforms are well established in the country, who is the subject of the country, where the team operates and who is in charge, and who is well known, the users cannot be present in the domestic courts in the event of a dispute. 依照国内法律规定，起诉相应的国内主体，乐酷达、火币天下也好，博晨也罢，对于用户而言，别说将上述这些主体定位为具体的责任承担主体了，即便是争取一个“对簿公堂”的机会，也只有一个字，难。 In accordance with the provisions of domestic law, the corresponding subjects of the country are prosecuted, as are Lecupta, the gun and the morning. For users, it is difficult to identify them as specific duty-bearers, even if they are given an opportunity to “address the books”. 第二、“管辖障碍”。 现如今，《用户协议》已经不简单是约定仲裁管辖了，而是将管辖拉到了国外，比如塞舌尔、马耳他等国，法律适用也可能不再是国内法，这在很大程度上提高了用户维权的成本和难度。 Today, the User Agreement is no longer simply an agreement to govern arbitration, but to bring jurisdiction abroad, such as in Seychelles and Malta, where the application of the law may no longer be domestic law, which greatly increases the cost and difficulty of the user's right to defend. 2012年5月，Facebook进行IPO时纳斯达克出现系统故障，其市场参与者最终获得了4000余万美元的赔偿，有这样的先例，所以对于用户如何更好的维权这一问题，在无法跨越上述两座大山的情况下，我们倒是期望能看到未来有一天，国内的用户能以集体名义，齐心协力启动对交易所的跨境诉讼，通过法律手段维护自己的权利，也通过这种行为，倒逼交易平台更加合规合法。 With the precedent of a system malfunction in May 2012 in Nasdak at the time of Facebook's IPO, where market participants eventually received over $40 million in compensation, we look forward to seeing how users can better assert their rights, without being able to cross these two mountains, one day when domestic users can work together in a collective capacity to initiate cross-border proceedings against the exchange, defend their rights through legal means and, by doing so, force trading platforms to become more legitimate. 北京金诚同达律师事务所高级合伙人涂五洋律师告诉链得得App，一些虚拟货币交易平台，采取虚假交易和数据造假等多种方式操纵价格，将价格强制拉低或提升，使客户无法选择止损或补仓，只能被迫爆仓，致使客户产生高额手续费和亏损由该交易平台和代理人员私下分配，出现交易平台非法侵占客户手续费和亏损资金等的事实。 Kim-chung Beijing, along with his senior partner in law firm Da, told App that some virtual money trading platforms had manipulated prices in a variety of ways, such as false transactions and data counterfeiting, forced down or upscaled prices, prevented customers from choosing to stop or replenish their warehouses and forced them to blow up their warehouses, resulting in high fees and losses being distributed privately by the trading platform and agents, and the fact that the trading platforms illegally appropriated customer fees and lost funds. 这些行为具有了非法占有他人财物的主观故意，实施了具有用虚构事实或者隐瞒真相的方法，使得受害人（客户）基于错误认识将资金投入到非法平台，交易平台成为了非法占有客户手续费和亏损资金的工具，在客观上骗取了受害人的钱财，符合我国刑法二百六十六条规定的诈骗罪的犯罪构成要件，涉嫌构成诈骗罪。 These acts were carried out with the subjective intent to illegally take possession of the property of another person, by means of false facts or concealment of the truth, by means of which the victim (client) invested funds on illegal platforms based on false belief, by means of which the transaction platform became an instrument of illegal possession of client fees and loss of funds, by objectively deceiving the victim's money, in accordance with the constituent elements of the offence of fraud provided for in article 266 of our Criminal Code, and were suspected of constituting a fraud offence. 高压监管下，灰色虚拟货币交易平台逐步退出 2019年11月，中国人民银行发布《中国金融稳定报告（2019）》，对2018年以来我国金融体系的稳健性状况进行了全面评估。 In November 2019, the People's Bank of China issued the China Financial Stability Report (2019), which provides a comprehensive assessment of the robust state of our financial system since 2018. 报告指出，2018年以来，国内173家虚拟货币交易及代币发行融资平台已全部无风险退出。国内方面，金融风险正在呈现一些新的特点和演进趋势，重点机构和各类非法金融活动的增量风险得到有效控制。 The report states that, since 2018, 173 virtual currency transactions and money distribution financing platforms in the country have all exited without risk. On the domestic front, financial risks are showing some new characteristics and evolving trends, and the incremental risks of priority institutions and various types of illicit financial activity are effectively controlled. 得得智库对链得得政策数据库中近年来中国关于虚拟货币交易平台的相关监管政策进行整理，发现：2017年9月4日起，中国明确叫停虚拟货币交易，同时对虚拟货币交易场所进行清理整顿。 In recent years, China's regulatory policy on virtual money-trading platforms has been collated by the think tank, which has clearly called for the closure of virtual currency transactions and the clean-up of virtual money-trading sites since 4 September 2017. 在之后长达2年多的监管中，中国对虚拟货币交易平台的监管态度始终保持高压，相关监管部门多次对市场进行风险提示并摸底排查。 In the regulation that followed for more than two years, China maintained a high level of pressure on the regulation of virtual money trading platforms, and the relevant regulatory authorities conducted risk alerts and bottom-checks on the market on a number of occasions. 2019年，据央视报道称，全国共关闭境内新发现的虚拟货币交易平台6家，分7批技术处置了境外虚拟货币交易平台203家； In 2019, it was reported that a total of six newly discovered virtual money-trading platforms and 203 offshore virtual money-trading platforms had been closed throughout the country and disposed of in seven batches of technology; 通过两家大的非银行支付机构，关闭支付账户将近万个；微信平台方面，关闭宣传营销小程序和公众号接近300个。 Close to 10,000 payment accounts have been closed through two large non-bank payment agencies, and close to 300 marketing panels and public numbers have been closed on the micro-credit platform. 在2020年最新发布的《中国金融稳定报告（2020）》中央行表示，虚拟货币交易等领域整治工作已基本完成，将继续强化央地协同和部际联动，稳妥有序推进各类交易场所清理整顿攻坚战工作。 The Central Bank of China's Financial Stability Report 2020, which was recently published in 2020, stated that efforts in areas such as virtual currency transactions had been largely completed and that it would continue to intensify coordination and inter-ministerial contacts in order to promote the clean-up and consolidation of all types of trading sites in a safe and orderly manner. （为保护采访对象，以上接受采访的受害人、投资人等从业者均为化名） (The names of the victims, investors, etc. interviewed above are aliases for the protection of the persons interviewed)
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