[亚伯拉罕]DeFi 拉高抛售计划获利数百万美元，损害行业信誉

加密货币领域已被多次与狂野的西部进行比较，虽然它已经日趋成熟，与传统金融世界更加相似，但在去中心化金融（DeFi）领域，“狂野”的精神仍然存在，自由的交易活动经常存在导致拉高抛售计划和洗售交易。

拉高抛售计划通常由一个或一组参与者组成，他们通过虚假声明、兴奋和担心错过机会来操纵投资者，让他们购买代币，同时以更高的价格秘密抛售自己的股份。

据估计，迄今为止已推出超过 200 万种加密货币，其中大部分已被放弃。

根据最近的 Chainaanalysis 研究，仅在以太坊网络上，2023 年就推出了超过 370,000 个代币，其中 168,600 个在去中心化交易所 (DEX) 上上市。

90,000 个以太坊代币显示市场操纵模式

根据该研究，在任何特定月份，“在下个月推出的所有代币中，只有不到 1.4% 的 DEX 流动性超过 300 美元”，而 2023 年在以太坊上推出的代币中，目前只有 5.7% 的代币高于这一阈值。

此外，该公司发现，“大约 90,408 个代币”在这些交易所的流动性不足 300 美元，而单个地址“在之前进行过五次或更多 DEX 购买的单笔交易中消除了超过 70% 的流动性”。

Chainaanalysis 指出，其方法并不一定意味着这 90,408 个代币是拉高抛售计划的对象。

相反，它展示了当局如何使用链上数据来发现可疑模式。

发行符合上述标准的代币的参与者“在 2023 年总共获得了约 2.416 亿美元的利润，这还不包括建立和发行利润的其他成本。”

一些人推出了多种符合标准的代币，其中一个已确定的钱包推出了 81 种不同的代币，预计利润为 83 万美元。

Chainaanalysis 北美公共政策主管 Jason Somensatto 在接受 Cointelegraph 采访时表示，采用加密货币市场监管框架可以帮助减少内幕交易，“通过澄清交易平台应对这种风险需要遵循的规则，并通过识别具有执法权的市场监管者。”

索门萨托补充道：

“与 TradFi 中证券主要在单一交易所进行交易不同，加密资产跨多个平台和去中心化金融协议进行交易，这意味着传统上依赖于查看一个交易场所的数据是不够的。”

他表示，监管机构“需要更好地了解加密货币不断变化的市场结构，并改变他们考虑减轻内幕交易等风险的视角。”

Pavel Matveev, CEO of crypto payments service provider Wirex, told Cointelegraph that these patterns “typically occur when unethical team members involved in the scheduled deployment of a token are also its initial buyers.”

Matveev added that this is “particularly common for newly issued memecoins.” In equities markets, he added, insider trading is “more difficult because there is much more oversight,” and unethical trading is scrutinized by both exchanges and regulators, while funds are more easily recovered.

To Matveev, centralized and decentralized cryptocurrency exchanges could “at the very least, enhance their risk warnings and explicitly disclose the likelihood of insider trading to traders.” He added, however, that in the short-term, “pump-and-dump schemes favor exchanges, given the substantial exchange fees involved.”

A “blow to industry credibility”

A potential solution to the problem, according to Wirex’s CEO, could be implementing an “independent and/or transparent third-party detector.”

To Mark Taylor, global money laundering reporting officer and head of financial crime at cryptocurrency exchange Cex.io, holding bad actors accountable can be difficult in the cryptocurrency space.

Recent: Energy-efficient miners in US less likely to be impacted by Bitcoin halving

Taylor told Cointelegraph that this is “largely due to vague or underdeveloped legal language that regulators rely on in their pursuit of justice and industry protections.” Nevertheless, he added that these types of traders affect the credibility of the industry negatively.

“It’s crucial for leaders to understand that every instance of fraud or collusion is a blow to industry credibility. Participants who choose the digital economy to hold and transact value are often doing so to avoid the banking sector, which they view as an untrustworthy system.”

He added that when crypto “proves itself susceptible to the same shortcomings as traditional finance,” it risks alienating users “who appreciate the personal agency of blockchain networks.” This, he said, can happen to the point where users turn to seek refuge in banks again.

Taylor noted that to make a “more convincing argument for mass adoption,” the cryptocurrency community must “commit to setting itself apart by working to eradicate these practices.”

To Taylor, approving regulations like the European Union’s Markets in Crypto-Assets Regulation is a promising step to promote ecosystem integrity by establishing rules and sanctions against manipulation and abuse. These measures, he said, could see the industry experience fewer instances of fraud.

Influencer pump projects that “bloom overnight”

Taylor said that while startups require an incubation period before selling shares, memecoin markets “can bloom overnight,” with projects often cropping up in response to trends or jokes within niche communities.

He said that some “insider traders act on tips by deploying precision-focused positions” while others place their buy orders ahead of major announcements, “which allows their holdings purchased at a pre-hype valuation to increase rapidly once the sale goes public.”

These schemes are often quickly spotted by on-chain monitoring services like Lookonchain, which found a trader who turned $90 worth of Solana’s (SOL) token into $2 million after buying a cryptocurrency just five minutes after it started trading in late 2023.

Starting with only 1.5 $SOL($92), this trader made $2M in 22 days, a gain of 21,715x!This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL($62) to buy 43.1M $SILLY.Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,... pic.twitter.com/ByY1Tpupah

— Lookonchain (@lookonchain) December 27, 2023

Taylor said that crypto influencers who encourage impulsive decision-making carry some of the blame for potential financial harm: “their insistence could suggest a conflict of interest and lead to financial harm.”

Many influencer accounts, he said, accept payments in exchange for project promotions on mentions on their channels, which ends up manufacturing hype for the project. He added that this can see regulators chase down content creators “while the real masterminds launder their pilfered wealth on the ecosystem’s outer rim.”

Speaking to Cointelegraph, Caitlin Barnett, director of regulations and compliance at Chainalysis, said that there have been cases in which celebrities and influencers “move global crypto markets with a single tweet or Instagram post.”

A number of celebrities have, as a result, been charged by the United States Securities and Exchange Commission (SEC) for illegally promoting cryptocurrencies and associated investment schemes. In October 2022, Kim Kardashian agreed to pay the SEC $1.26 million to settle such a case, while SEC Chair Gary Gensler warned celebrities against crypto promotions in 2023.

Dodging pump-and-dump schemes

Despite these enforcement actions, regulators have so far been unable to rein in cryptocurrency pump-and-dump schemes and insider trading, as evidenced by Chainlaysis’ study.

Cex.io’s Taylor told Cointelegraph that “many of the protections that exist in traditional finance to combat market abuse and manipulation could be applied to crypto with similar success.” Regulators, he said, are “stymied by a lack of legal precedent and hazy guidelines to define and enforce wrongdoing in the crypto space.”

Considering these issues, authorities often work backward from the victims in a process “which can quickly become muddied” given the “oversaturation of crypto social media.”

泰勒表示，恢复资金还取决于肇事者是否被逮捕和起诉，然后补充说，抑制不良行为者“削弱他们滥用行业内权力杠杆的能力，以更好地保护散户参与者”可能是一种策略。

对于 Wirex 的 Matveev 来说，区块链取证可以有效地追踪被挪用的资金，而监管机构面临的最大挑战是成功建立一支“能够按时设计高效程序的强大且合格的员工队伍”。

泰勒告诉 Cointelegraph，保持安全需要保持一定程度的怀疑态度，以避免做出模糊的判断。

他说：

“对于那些不知从何而来并能立即带来收益的鲜为人知的代币，我们应该始终抱有健康的怀疑态度。

这种策略可能会被用来制造炒作，更重要的是，在没有适当评估的情况下，产生采取行动的紧迫性。”

最重要的是，链上侦查可以帮助确定网络代币的持有位置并揭示潜在的危险信号。

泰勒表示，如果少数钱包持有大部分加密货币供应，“考虑另一条前进道路可能是谨慎的做法”。

近期：比特币减半对比特币挖矿中心化意味着什么

归根结底，这些计划对加密货币市场具有破坏性，应该积极劝阻。

Chainaanalysis 研究指出，市场运营商和政府机构可以在区块链上部署监控工具，而传统市场固有的透明度是不可能的。

虽然可以采取很多措施来帮助防止这些骗局，但培养敏锐的心态，促进投资者进行自己的研究，并在追逐财富时对自己的资金保持谨慎也可能是有益的。

加密货币领域的进一步发展不仅取决于贝莱德和富达等主要机构的进入以及它们推出现货比特币交易所交易基金，还取决于探索 DeFi 前沿的投资者的安全。

热点：DEFI 亚伯 亚伯拉罕 行业