本报记者李国辉
Reporter Lee Kuo Fai.
1月7日，比特币单枚价格突破4万美元。记者注意到，在近期比特币价格暴涨的情况下，部分与境外虚拟货币交易平台利益相关的社交媒体账号借机大肆炒作虚拟货币价值，进一步助长投机风气，国内的虚拟货币交易活动有所抬头。
On 7 January, the price of Bitcoin exceeded $40,000 per unit. Journalists noted that, in the context of the recent surge in Bitcoin prices, social media accounts, partly related to the interests of foreign virtual money trading platforms, were heavily fabricated to create virtual monetary values, further fostering a climate of speculation and a rise in domestic virtual currency transactions.
然而，1月11日，比特币价格跌破32000美元，一日暴跌20%，追涨的新入场投资者因此“血亏”。
However, on 11 January, the price of Bitcoin fell by $32,000 and fell sharply by 20 per cent a day, resulting in a “blood loss” for the surging of new entrants.
事实上，这种情况并不鲜见。据统计，2016年至2020年，比特币累计下跌20%及以上的情况共出现了10次，下跌30%的情况出现了7次，跌幅超过48%的情况共有4次。
In fact, this is not uncommon. According to statistics, between 2016 and 2020, there were 10 cumulative declines of 20% or more in Bitcoin, 7 in 30% and 4 in over 48%.
美国经济学家努里尔·鲁比尼称，比特币价格的增长归根结底是投机性因素推动的，现在已然接近巨型泡沫破灭的时刻。
According to the American economist Nuryl Rubini, the growth of Bitcoin prices was ultimately driven by speculative factors and was now close to the moment when the giant bubbles collapsed.
有不少专家提醒，比特币等虚拟货币没有实际价值支撑，不是稳定的价值储存手段，相关交易纯属投机炒作。
A number of experts cautioned that virtual currencies such as Bitcoin were not supported by real value, were not stable value storage, and that the transactions involved were purely speculative.
根据2017年9月人民银行等七部门联合发布的《关于防范代币发行融资风险的公告》，代币发行融资（ICO，指融资主体通过代币的违规发售、流通，向投资者募集比特币、以太币等所谓“虚拟货币”）本质上是一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动，任何组织和个人不得非法从事代币发行融资活动。
According to the Proclamation on Protection against the Risk of Financing the Issue of Moneys, issued jointly by seven sectors, including the People's Bank, in September 2017, the issuance of funds in currencies (ICO, which refers to the illegal sale, circulation, collection of bitcoins, the so-called “virtual currency” from investors) is essentially an unauthorized act of illegal public financing, suspected of illegal distribution of coupons, illegal distribution of securities, illegal collection of funds, financial fraud, distribution and other illegal criminal activities. No organization or individual may illegally carry out financing activities in the form of coins.
据悉，有关部门组织各地区开展了ICO和虚拟货币交易平台的清理整治，先后关闭了境内虚拟货币交易平台211家。目前，相关部门已建立了技术监测系统，如有发现相关违法金融活动，将移送处置非法集资职能部门和公安机关，依法严厉打击。
According to the information received, the authorities have organized the clean-up and rehabilitation of the ICO and Virtual Money Exchange Platforms in various regions, closing 211 virtual money trading platforms in the country. At present, the authorities have established a technical monitoring system, which will be transferred to the competent authorities and public security organs dealing with illegal fund-raising activities if they are found to be in violation of the law, and will be severely combated in accordance with the law.
专家强调，在中国境内开设虚拟货币交易平台、开展ICO都是非法的。目前，有投资者通过境外交易平台参与虚拟货币交易，风险极大，完全没有保障。投资者必须认识到，虚拟货币交易和金融产品投资有本质区别，背后存在恶意黑手、操纵市场乃至金融诈骗、庞氏骗局。广大群众应该擦亮眼睛，主动增强风险防范意识和自我保护意识，不盲目跟风炒作，以防上当受骗，造成经济损失。
The experts stressed that the creation of virtual money trading platforms in China and the development of ICOs are illegal. At present, investors are involved in virtual currency transactions through offshore trading platforms, at great risk and completely insecure. Investors must recognize that virtual currency transactions and investment in financial products are fundamentally different, and that there are malicious underhands behind them, market manipulation, and even financial fraud, and ponzi fraud.
交易平台黑手频出：
The trading platform has a high incidence of black hands:
刷单吸引用户入场
Lists attract users
恶意宕机逼迫杠杆交易爆仓
It's a bad idea to force the leverage trade to explode.
在客户眼中，虚拟货币交易平台的交易量越大，说明平台的人气越高、可靠性越强。殊不知，交易量也可以作假。
In the eyes of clients, the greater the volume of transactions in the virtual money trading platform, the more human and reliable the platform is. Unknowingly, the amount of transactions can also be faked.
其中一个惯用伎俩是通过“刷量”提升排名，以吸引用户入场。2019年9月，市场流动性与场外交易提供商Alameda Research公布的真实交易量监控数据显示，虚拟货币市场约有高达66.4%的交易量为虚假成交。
One of the usual tactics is to raise the rankings by “stamping” in order to attract users. In September 2019, market liquidity and real traffic monitoring data published by Alameda Research, the provider of off-site transactions, showed that approximately 66.4% of transactions in the virtual money market were falsely traded.
以交易平台Coinbene为例，Coinbene的SPV（每日人均成交量）高达59.95比特币/人，按均价折合为120万美元/人，远高于其他交易平台，因此可判定Coinbene存在大量的虚假交易。另外，交易平台OKEx、Huobi、Binance、Bitfinex也存在虚假交易嫌疑。
In the case of the trading platform Coinbene, the SPV (per capita daily transaction) in Coinbene amounts to 59.95 bits per person, at an average price of $1.2 million per person, well above other trading platforms, so Coinbene can be found to have a large number of false transactions. In addition, the trading platform OKEx, Huobi, Binance, Bitfinex are suspected of trading.
目前，全球各大交易平台均可提供不同杠杆倍数的交易，投资者可向平台借币，利用杠杆将现有虚拟货币数量放大几十倍、上百倍后进行更大的交易投资，以小博大。交易平台通过发放杠杆账户体验券等方式，引诱投资者参与杠杆交易。然而，目前高杠杆的加密资产合约市场的各种规则不完善，个人投资者整体上不具备相应的认知水平和风险承受力。
Currently, major trading platforms across the globe can offer different leverage multiples of transactions, and investors can borrow money from the platforms to leverage up to a few dozen times the number of existing virtual currencies, and then invest in larger transactions. Trading platforms induce investors to engage in leverage transactions by, for example, issuing leverage account experience vouchers. However, the rules of the current highly leveraged market for cryptographic asset contracts are inadequate, and individual investors as a whole do not have the corresponding level of awareness and risk tolerance.
更有甚者，某些交易平台会采取不当手段使交易平台、客户端APP出现闪退、卡顿、仓位无法显示等异常现象，影响用户正常的下单、撤单、平仓等交易操作。客户在加了10倍甚至20倍高杠杆的情况下，面对价格的巨幅波动，由于系统宕机无法选择止损或补仓，只能被迫爆仓，最终损失惨重，甚至血本无归。而平台却达到了侵占用户财产的目的。
Moreover, some trading platforms have resorted to inappropriate means to cause anomalies such as trading platforms, client-end APPs, Caden, and silos that cannot be displayed, affecting normal transactional operations such as billings, withdrawals, and silos. Clients, with a ten-fold or even 20-fold leverage, face price volatility and are forced to burst into storage because of the system’s failure to choose to stop damage or to replenish it, with the ultimate loss, or even loss of blood.
据监测发现，2020年，三大交易平台宕机事件频繁：交易平台Huobi自2020年1月8日至12月18日期间，共发生系统宕机6次，其中2次为正常维护，4次为突发故障宕机事件；交易平台OKEx自2020年3月12日至7月3日期间，共发生系统宕机4次，其中2次为正常维护，2次为突发故障宕机事件；交易平台Binance自2020年2月29日至12月25日期间，共发生宕机11次，其中2次为正常维护，9次为突发故障宕机事件。
In 2020, frequent incidents were observed from three major trading platforms: during the period from 8 January to 18 December 2020, the trading platform Huobi experienced six system crashes, of which two were normal maintenance and four emergency crash events; during the period from 12 March to 3 July 2020, the trading platform OKEx experienced four system crashes, of which two were normal maintenance and two were crash crash events; and between 29 February and 25 December 2020, the trading platform Binance experienced 11 crashes, of which two were normal maintenance and nine were crash crash events.
比特币分布愈发集中
Bitcoin distribution is becoming more concentrated.
庄家借机控盘、操纵市场
The dealer takes advantage of the control system and manipulates the market.
随着比特币市场的发展，拥有大额比特币地址（超过1000枚比特币的地址）的数量逐年增加。相关监测显示，截至2020年末，共有2260个比特币地址的余额超过1000个比特币，共持有约789万个比特币，占比特币流通总量的44%。其中，有1742个地址从未出现转出，共计持有约565万个比特币，占总发行量的30.44%。比特币分布愈发集中，给庄家操纵市场提供了条件。
With the development of the Bitcoin market, the number of large bitcoin addresses (more than 1,000 bitcoins) has increased year by year. Monitoring shows that, by the end of 2020, a total of 2260 bitcoins had a balance of more than 1,000 bitcoins, holding about 7.89 million bitcoins, or 44% of the total amount of Bitcoins in circulation.
比特币统计网站BitcoinTreasures的资料显示，2020年10月，拥有比特币最多的前11家巨鲸公司（所持有的比特币数量超过比特币总量的0.001%）占市场流通的总比特币数量的2.82%。截至2020年12月底，巨鲸公司数量猛增至28家，占总比特币数量的比例也跃升至5.5%。这说明，2020年9月后，比特币价格急升与巨鲸公司数量攀升呈现正相关关系。
According to BitcoinTreasures, in October 2020, the top 11 giant whale companies with bitcoin (the number of bitcoin held exceeds 0.001% of the total bitcoins) accounted for 2.82% of total bitcoins in circulation. By the end of December 2020, the number of giant whales had jumped to 28, and their share of total bitcoins also jumped to 5.5%.
传销诱骗、舆论造势等是虚拟货币庄家操纵市场的惯用手段。与传统金融市场相同，虚拟货币市场也充斥着诸多虚假的利好利空消息，且由于缺乏监管，情况愈发严重。某些平台利用虚假消息影响市场情绪，拉高或导致市场价格急速下跌，导致用户被动平仓，造成巨大损失。此外，也有部分交易平台泄露内部消息，使内部人员非法获利。
As with traditional financial markets, virtual money markets are replete with false good news and bad news, and the situation is exacerbated by a lack of regulation. Some platforms use false information to influence market sentiment, increase or cause market prices to fall sharply, resulting in passivity and huge losses for users.
2017年，泰达公司发行USDT币，宣称与美元挂钩，并遵守1∶1的准备金，即每发行1枚USDT代币，其银行账户都会有1美元的资金保障。区块链研究公司CoinMetrics数据显示，截至2020年第三季度，USDT仍以80%的市场份额占据稳定币市场的主导地位，目前市值已超过150亿美元。
In 2017, Teda issued USDT, claiming to be pegged to the United States dollar, and complied with the 1:1 reserve, that is, a US$ 1 dollar guarantee for every USDT token issued in its bank account. The block chain research company CoinMetrics shows that, as of the third quarter of 2020, USDT still dominates the stable currency market with 80% of its market share, which now stands at more than $15 billion.
2018年，学术论文《比特币是否真的和泰达无关？》认为，泰达币为了操纵比特币价格，在其下跌时，使用同一巨额账户，通过捏造虚假需求、大量增发以大幅抬高比特币价格。另外，USDT并没有充足的1∶1美元储备，每个月末为了应付审计，掩盖漏洞，泰达币卖掉比特币换成美元，且所有操作都来源于同一巨额账户。此后，5名虚拟货币交易员控告泰达币虚假造市、操纵市场，诉讼指控交易平台Bitfinex与泰达公司合谋操纵比特币市场。
In 2018, the scholarly paper Bitcoin did not really have anything to do with Tedda? According to the academic paper, in order to manipulate bitcoin prices, the same large account was used when it fell, raising bitcoin prices significantly by falsifying false demand and raising them substantially. In addition, the USDT did not have sufficient reserves of $1:1 at the end of each month, to cover up the gaps, to sell bitcoin to the United States dollar, and all the operations came from the same large account.
借虚拟货币搞金融诈骗：
Financial fraud in virtual currency:
虚假项目、庞氏骗局屡见不鲜
Fake projects, Ponzi scams.
记者注意到，某些“空气币”项目上线就破发90%，不到一个月即归零，六个星期卷走超亿元人民币，给投资人造成巨大损失。
Journalists noted that some of the “air coin” projects had broken 90 per cent on the line, with less than a month to zero and six weeks to roll over the RMB billion, causing huge losses to investors.
专家指出，虚拟货币交易平台常使用一些小币种，利用投资者一夜暴富的心态，通过修改后台数据短时间内产生虚假涨幅，以吸引投资者入场，再通过虚假跌幅让投资者资金大幅缩水，更有甚者直接圈钱“跑路”。
Experts pointed out that virtual money trading platforms often use small currency lines, take advantage of investors' absconding mentality, generate false increases in short periods of time by modifying back-office data in order to attract investors to the field, and significantly shrink investors' funds through false falls, and even worse, “runs” directly around the money.
庞氏骗局在虚拟货币领域也屡见不鲜。2019年的PlusToken传销案中，犯罪团伙通过微信群、实地宣传等线上线下手段发展会员200余万人，层级关系多达3000余层，涉案虚拟货币总值逾400亿元。
The Ponzi scheme is also common in the area of virtual currency. In 2019, in the PlusToken distribution case, criminal gangs developed over 2 million members by means of micro-message, field-based propaganda, and over 3,000 layers of hierarchical relationships, involving a virtual currency worth over $40 billion.
另外，交易平台在未经客户许可下擅自挪用用户资金的案例也时有发生，给客户造成了重大经济损失。例如，交易平台Bit Station曾被发现员工擅自挪用客户资金，被日本金融厅（FSA）行政处罚。2019年12月25日，虚拟货币交易平台BitGoGo发布公告称，暂将部分用户数字资产按照180天且年化20%收益进行冻结理财。这种未经客户许可就直接冻结资产的决定，与挪用客户资金没有任何区别。
For example, the trading platform Bit State, which was found to have been embezzled by its employees without their permission, was administratively sanctioned by the Japan Financial Services Agency (FSA). On 25 December 2019, BitGogo, the virtual currency trading platform, issued an announcement stating that some user digital assets were temporarily frozen for 180 days and 20% annualized earnings.
值得注意的是，虚拟货币交易平台也极易成为黑客攻击的目标，目前，世界上有超过100万枚比特币从中被盗。除对交易平台进行攻击外，很多黑客也对个人投资者发起攻击，给普通用户造成经济损失。有研究报告指出，仅2020年上半年，盗窃和黑客攻击造成的损失就超过5000万美元。
It is worth noting that virtual money trading platforms are also highly vulnerable to hacking, from which more than 1 million bits of money are currently stolen. In addition to attacks on trading platforms, many hackers also launch attacks on individual investors, causing economic damage to ordinary users.
与所有金融诈骗一样，虚拟货币交易平台“跑路”也时有发生。虚拟货币交易平台“跑路”大致可分为两类：一类是带有明显传销性质的交易平台，拥有多层次传销激励制度，集资完直接“跑路”；另一类则是真正发展交易业务，但因各种原因资不抵债而破产或卷款“跑路”。相关部门监测发现，2020年，超40家境外虚拟货币交易平台卷款“跑路”。仅2020年10月以来，就有DragonEx、TokenBetter等多家交易平台“跑路”。
As with all financial frauds, the “runway” of the virtual currency trading platform is sometimes the same. The “runway” of the virtual currency trading platform can be broadly divided into two categories: a trading platform with a clearly marketable nature, with a multilayered distribution incentive system, with direct “runway” through the pooling of funds; and a real development of the transaction business, with bankruptcy or a “runway” for various reasons. The relevant sector monitors found that, in 2020, more than 40 foreign virtual currency trading platforms “run” their rolls. Since October 2020 alone, there have been several trading platforms, such as DragonEx and Token Better, “runs”.
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